Reference Title Summary Application date  of standard* Application date  for Group* AASB  2011-7 Amendments to  Australian Accounting  Standards arising from  the Consolidation and  Joint Arrangement  Standards Consequential amendments to AASB 127 Separate  Financial Statements and AASB 128 Investments in  Associates as a result of the adoption of AASB 10  Consolidated Financial Statements, AASB 11 Joint  Arrangements and AASB 12  Disclosure of Interests in  Other Entities . 1 January 2013 1 July 2013 AASB 119  (revised) Employee Benefits The main amendments to the standard relating to defined  benefit plans are as follows :- •  Elimination of the option to defer the recognition of  actuarial gains and losses (the ‘corridor method’); •  Remeasurements (essentially actuarial gains and  losses) to be presented in other comprehensive  income;  •  Past service cost will be expensed when the plan  amendments occur regardless of whether or not they  are vested; and •  Enhanced disclosures for Tier 1 entities.  The distinction between short-term and other long-term  employee benefits under the revised standard is now  based on expected timing of settlement rather than  employee entitlement.  The revised standard also requires termination benefits  (outside of a wider restructuring) to be recognised only  when the offer becomes legally binding and cannot be  withdrawn. 1 January 2013 1 January 2013 **** Consolidated Financial  Statements IFRS 10 establishes a new control model that applies  to all entities. It replaces parts of IAS 27 Consolidated  and Separate Financial Statements dealing with the  accounting for consolidated financial statements and SIC- 12  Consolidation – Special Purpose Entities .  The new control model broadens the situations when an  entity is considered to be controlled by another entity  and includes new guidance for applying the model to  specific situations, including when acting as a manager  may give control, the impact of potential voting rights  and when holding less than a majority voting rights may  give control. This is likely to lead to more entities being  consolidated into the group.  1 January 2013 1 July 2013 **** Joint Arrangements IFRS 11 replaces IAS 31 Interests in Joint Ventures  and SIC-13 Jointly- controlled Entities – Non-monetary  Contributions by Ventures. IFRS 11 uses the principle of  control in IFRS 10 to define joint control, and therefore  the determination of whether joint control exists may  change. In addition IFRS 11 removes the option to account  for jointly controlled entities (JCEs) using proportionate  consolidation. Instead, accounting for a joint arrangement  is dependent on the nature of the rights and obligations  arising from the arrangement. Joint operations that  give the venturers a right to the underlying assets and  obligations themselves is accounted for by recognising  the share of those assets and obligations. Joint ventures  that give the venturers a right to the net assets is  accounted for using the equity method. This may result  in a change in the accounting for the joint arrangements  held by the group. 1 January 2013 1 July 2013 58  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011