IAS 32  “Financial Instruments: Presentation” was amended to clarify the requirements for offsetting financial assets and  financial liabilities. It specifies that the right of set-of f  has to be legally enforceable even in the event of bankruptcy .  IFRS 7  “Financial Instruments: Disclosures” was also amended to improve disclosures on offsetting of financial assets  and financial liabilities.  These  amendments did not impact the Corporation's annual consolidated financial statements,  but  additional  information  is disclosed  in  note 19.  IFRS 13 “Fair V alue  Measurement” establishes a single framework for fair value measurement of financial and non- financial  items. IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability  in an orderly transaction between market participants at the measurement date. It also requires disclosure of more  information  on fair value measurements. This new standard did not impact the Corporation's annual consolidated financial  statements,  but additional  information is  disclosed  in  notes 11, 12, 15,  16  and 30.  IAS 36  “Impairment of Assets” was amended to require disclosures about assets or CGUs for which an impairment loss  was recognized  or  reversed  during  the  period. Additional  information  is disclosed  in  note 6.  IFRS 10 “Consolidated Financial Statements” replaces SIC-12 “Consolidation - Special Interest Entities” and certain  parts of IAS 27 “Consolidated and Separate Financial Statements”. This standard eliminates the risk/benefit-based  approach  and uses control as the sole basis for consolidation. An investor controls an investee if and only if the investor  has  all  of  the following  elements:  IFRS 1 1 “Joint Arrangements” supersedes IAS 31 “Interests in Joint Ventures” and SIC-13 “Jointly Controlled Entities -  Non-Monetary Contributions by V enturers”. This standard describes two types of joint arrangements which dif fer  according to the rights and obligations of the partners: joint operations and joint ventures. IFRS 1 1 eliminates the  proportionate consolidation method for joint ventures and requires the equity method. For joint operations, it requires  recognition  of a joint operator’s share of each of the items comprising the joint arrangement. This new standard did not  impact  the Corporation's annual  consolidated financial statements.  IFRS 12  “Disclosure of Interests in Other Entities” requires that an entity disclose more information on the nature of and  risks associated with its interests in other entities (i.e. subsidiaries, joint arrangements, associates or unconsolidated  structured entities) and the ef fects  of those interests on its financial statements.  Additional  information is disclosed in  notes  4 and  12 .  In November 2009, the IASB issued IFRS 9 “Financial Instruments”. This new standard replaces the various rules of  IAS 39  “Financial Instruments: Recognition and Measurement” with a single approach to determine whether a financial  asset is measured at amortized cost or fair value. This approach is based on how an entity manages its financial  instruments and  the contractual  cash  flow  characteristics  of the financial  assets.  In October 2010, the IASB issued revisions to IFRS 9, adding the requirements for classification and measurement of  financial liabilities contained  in IAS 39. - 54 - RECENTL Y ISSUED Financial  instruments Disclosure  of interests in other entities Joint  arrangements This  new standard  did  not impact the Corporation's  annual  consolidated  financial statements.  a) power over the investee; b) exposure or  rights  to variable  returns  from involvement  with  the investee; c) the ability to use  power  over the investee to affect  the  amount of the investor's  returns.  Impairment  of assets Consolidated  financial statements Fair  value measurement  Offsetting  financial assets and financial liabilities Notes to consolidated financial statements  September 27, 2014 and September 28, 2013 (Millions of dollars, unless otherwise indicated)