Notes to Consolidated Financial Statements  Years ended December 31, 2012 and 2011 3. Summary of Significant Accounting Policies (continued) New IFRS Pronouncements Consolidated financial statements Joint arrangements Disclosures of interests in other entities Teck 2012 Annual Report 90 New IFRS pronouncements that have been issued but are not yet effective are listed below. We plan to apply the new  standard or interpretation in the annual period for which it is first required. In May 2011, the IASB issued IFRS 10, Consolidated Financial Statements (“IFRS 10”). IFRS 10 establishes principles  for the presentation and preparation of consolidated financial statements when an entity controls one or more other  entities. This IFRS defines the principle of control and establishes control as the basis for determining which entities are  consolidated in an entity’s consolidated financial statements. IFRS 10 sets out three elements of control: power over the  investee; exposure, or rights, to variable returns from involvement with the investee; and the ability to use power over  the investee to affect the amount of the investors’ return. IFRS 10 sets out the requirements on how to apply the control  principle. IFRS 10 supersedes International Accounting Standards (“IAS”) 27, Consolidated and Separate Financial  Statements and Standing Interpretations Committee (“SIC”) 12, Consolidation – Special Purpose Entities. We will apply IFRS 10 beginning on January 1, 2013. We have substantially completed our analysis of IFRS 10 and  do not expect any significant effect on our consolidated financial statements as a result of adopting this standard. In May 2011, the IASB issued IFRS 11, Joint Arrangements (“IFRS 11”), which provides guidance on accounting for  joint arrangements. If an arrangement results in joint control, IFRS 11 classifies joint arrangements as either joint  operations or joint ventures, depending on the rights and obligations of the parties involved. A joint operation is an arrangement where the jointly controlling parties have rights to the assets and obligations in respect  of the liabilities relating to the arrangement. An entity accounts for a joint operation by recognizing its portion of the  assets, liabilities, revenues and expenses. A joint venture is an arrangement where the jointly controlling parties only  have rights to the net assets of the arrangement. A joint venture is accounted for using the equity method. We will apply IFRS 11 as at January 1, 2013, with retrospective application from the date of our earliest period presented,  which will be January 1, 2012. We have substantially completed an analysis of all of our joint arrangements to determine  the appropriate accounting treatment under the new standard, as it is our current accounting policy to proportionately  consolidate all of our joint ventures. Based on our analysis to date, we expect that all of our joint arrangements will be  considered joint operations under IFRS 11 and, accordingly, we will record the assets, liabilities, revenues and expenses  in relation to our interest in each joint operation. As at the date of financial statement approval, we do not expect the  adoption of IFRS 11 to have a significant effect on our consolidated financial statements. In May 2011, the IASB issued IFRS 12, Disclosures of Interests in Other Entities (“IFRS 12”), which outlines the  disclosure requirements for interests in subsidiaries and other entities to enable users to evaluate the risks associated  with interests in other entities and the effects of those interests on an entity’s financial position, financial performance  and cash flows. We will apply IFRS 12 beginning on January 1, 2013. We have substantially completed our analysis of IFRS 12 and  expect to include additional disclosures about interests in other entities in our annual consolidated financial statements  for the year ended December 31, 2013.