73 AGL Energy Limited Annual Report 2011 tax values applying under tax consolidation. Current tax liabilities  and assets and deferred tax assets arising from unused tax losses  and tax credits of the members of the tax-consolidated group are  recognised by the Parent Entity (as head entity in the  tax-consolidated group). Due to the existence of a tax funding arrangement between the  entities in the tax-consolidated group, amounts are recognised as  payable to or receivable by the Parent Entity and each member  of the group in relation to the tax contribution amounts paid or  payable between the Parent Entity and the other members of the  tax-consolidated group in accordance with the arrangement.  Further information about the tax funding arrangement is detailed  in Note 9 to the financial statements. Basic earnings per share is determined by dividing the profit for the  year attributable to owners of AGL Energy Limited, by the weighted  average number of ordinary shares outstanding during the period. Diluted earnings per share is determined by dividing the profit for  the year attributable to owners of AGL Energy Limited, by the  weighted average number of ordinary shares outstanding during  the period and dilutive potential ordinary shares. A number of Australian Accounting Standards and International  Financial Reporting Standards have been issued by the AASB and  the IASB but are not effective for the year ended 30 June 2011,  but will be applicable to the consolidated entity in future  reporting periods. – AASB 9  Financial Instruments , AASB 2009-11  Amendments to  Australian Accounting Standards arising from AASB 9  and  AASB 2010-7  Amendments to Australian Accounting Standards  arising from AASB 9 (December 2010)  are effective for annual  reporting periods beginning on or after 1 January 2013. –AASB 2010-6  Amendments to Australian Accounting Standards  – Disclosures on Transfers of Financial Assets  is effective for  annual reporting periods beginning on or after 1 July 2011. –IFRS 1 1  Joint Arrangements  is effective for annual reporting  periods beginning on or after 1 January 2013. –IFRS 10  Consolidated Financial Statements  is effective for annual  reporting periods beginning on or after 1 January 2013. –IFRS 12  Disclosure of Interests in Other Entities  is effective for  annual reporting periods beginning on or after 1 January 2013. transactions of financial assets (for example, securitisations),  including understanding the possible effects of any risks that  may remain with the entity that transferred the assets. The  amendments also require additional disclosures if a  disproportionate amount of transfer transactions are undertaken  around the end of a reporting period. The amendments, which will be mandatory for the consolidated  entity’s 30 June 2012 financial statements, are not expected to  have any significant impact on the financial statements. IFRS 10 identifies the principles of control, determines how to  identify whether an investor controls an investee and therefore  must consolidate the investee, and sets out the principles for the  preparation of consolidated financial statements. IFRS 10 requires a parent to present consolidated financial  statements as those of a single economic entity, replacing the  requirements previously contained in IAS 27  Consolidated and  Separate Financial Statements  and SIC-12  Consolidation –  Special Purpose Entities . The Standard introduces a single consolidation model for all  entities based on control, irrespective of the nature of the  investee (i.e. whether an entity is controlled through voting rights  of investors or through other contractual arrangements as is  common in ‘special purpose entities’). IFRS 10 will be mandatory for the consolidated entity’s 30 June  2014 financial statements. The potential impact on the  consolidated entity’s financial statements has not yet been  determined. IFRS 11 replaces IAS 31  Interests in Joint Ventures . Requires a  party to a joint arrangement to determine the type of joint  arrangement in which it is involved by assessing its rights and  obligations and then account for those rights and obligations in  accordance with that type of joint arrangement. Joint  arrangements are either joint operations or joint ventures. If the parties have rights to and obligations for underlying assets  and liabilities, the joint arrangement is considered a joint  operation and partial consolidation is applied. Otherwise the joint  arrangement is considered a joint venture and they must use the  equity method to account for their interest. IFRS 11 will be mandatory for the consolidated entity’s 30 June  2014 financial statements. The potential impact on the  consolidated entity’s financial statements has not yet been  determined. IFRS 12 requires the extensive disclosure of information that  enables users of financial statements to evaluate the nature of,  and risks associated with, interests in other entities and the  effects of those interests on its financial position, financial  performance and cash flows. This new Standard contains the disclosure requirements for  entities that have interests in subsidiaries, joint arrangements,  associates and unconsolidated structured entities. IFRS 12 will be mandatory for the consolidated entity’s 30 June  2014 financial statements. The potential impact on the  consolidated entity’s financial statements has not yet been  determined. AASB 9  Financial Instruments  and its associated amending  Standards introduce new requirements for the classification and  measurement of financial assets and financial liabilities and for  derecognition. AASB 9 requires all recognised financial assets that are within  the scope of AASB 139  Financial Instruments: Recognition and  Measurement  to be subsequently measured at amortised cost or  fair value. The most significant effect of AASB 9 regarding the classification  and measurement of financial liabilities relates to the accounting  for changes in fair value of a financial liability (designated as at  fair value through profit or loss) attributable to changes in the  credit risk of that liability. For financial liabilities designated at fair  value, the portion of the change in fair value due to changes in  own credit risk now generally must be presented in other  comprehensive income, rather than through profit or loss. AASB 9 will be mandatory for the consolidated entity’s 30 June  2014 financial statements. The potential impact on the  consolidated entity’s financial statements has not yet been  determined. AASB 2010-6 makes amendments to AASB 7  Financial  Instruments: Disclosures  resulting from the IASB’s comprehensive  review of off balance sheet activities. The amendments  introduce additional disclosures, designed to allow users of  financial statements to improve their understanding of transfer  (ah) Earnings per share (ai) Standards and Interpretations in issue not yet adopted