Orbit Garant 2012 annual rep O rt 47 IFRS 10 – Consolidated Financial Statements IFRS 10 replaces SIC-12 Consolidation – Special Purpose Entities and parts of IAS 27 Consolidated and Separate Financial Statements and provides additional guidance regarding the concept of control as the determining factor in whether an entity should be incl uded within the consolidated fnancial statements of the parent company. IFRS 10 is effective from periods beginning January 1, 2013 with early adoption permitted. IFRS 11 – Joint arrangements IFRS 11 replaces IAS 31, Interests in Joint Ventures, with guidance that foc uses on the rights and obligations of the arrangement, rather than its legal form. It also withdraws the option to proportionately consolidate an entity’s interests in joint ventures . The new standard requires that such interests be recognized using the equity method. IFRS 11 is effective from periods beginning January 1, 2013 with early adoption permitted. IFRS 12 – Disclosure of Interests in Other Entities IFRS 12 is a new and comprehensive standard on disclosure requirements for all forms of interests in other entities, includi ng joint arrangements, associates, special purpose entities and other off balance sheet vehicles. IFRS 12 is effective from periods begi nning January 1, 2013 with early adoption permitted. IFRS 13 – Fair value measurements IFRS 13 defnes fair value, requires the disclosure of estimates at fair value and provides guidance on measuring fair value whe n required or permitted to do so according to the IFRS standards. IFRS 13 is effective from periods beginning January 1, 2013 with early adop tion permitted. 6. E x PENSES b Y NATURE Detail of the amortization expense The amortization expense of property, plant and equipment and the amortization expense of intangible assets has been c harged to the statement of earnings as follows: June 30 June 30 2012 2011 $ $ Cost of contract revenue 8,544 6,794 General and administrative expenses 2,932 1,875 Total amortization 11,476 8,669 Principal expenses by nature Operating, general and administrative expenses, other expenses (revenues) and fnance costs, net by nature are as follows: June 30 June 30 2012 2011 $ $ Amortization 11,476 8,669 Employee benefts expense 68,097 54,594 Cost of inventory 31,661 27,097 Other expenses 28,440 20,630 Total operating, general and administrative expenses and other expenses (revenues) 139,674 110,990