are presented as operating cash flows.
Commitments and contingencies are disclosed 
net of the amount of GST recoverable from, or 
payable to, the taxation authority.
bb . Operating segment reporting
Operating segments are reported in a manner 
consistent with the internal reporting provided 
to the chief operating decision maker. The chief 
operating decision maker, who is responsible for 
allocating resources and assessing performance 
of the operating segments, has been identified 
as the Board of Directors.
Segment results that are reported to the Board 
of Directors include items directly attributable 
to a segment as well as those that can be 
allocated on a reasonable basis. The operating 
segments are disclosed in Note 4.
cc .  New accounting standards  
and interpretations 
(i)  New and amended standards adopted  
by the Group
The Group did not adopt any new or revised 
accounting standards, amendments or interpre-
tations from 1 July 2012 which had an effect on 
the financial position or performance of the 
Group.
(ii)  New accounting standards and interpreta-
tions not yet adopted 
The Group has not elected to early adopt any 
new standards, amendments or interpretations 
that are issued but are not yet effective. Certain 
new accounting standards and interpretations 
have been published that are not mandatory for 
30 June 2013 reporting periods and have not yet 
been applied in the financial statements. The 
Group’s assessment of the impact of these new 
standards and interpretations is set out below.
〉〉 AASB 9 Financial Instruments  (effective for 
annual reporting periods beginning on or 
after 1 January 2015). AASB 9 addresses the 
classification, measurement and derecogni-
tion of financial assets and financial liabili-
ties. The standard is not applicable until 1 
January 2015 but is available for early adop-
tion. When adopted, the standard will affect 
in particular the Group’s accounting for its 
available-for-sale financial assets, since AASB 
9 only permits the recognition of fair value 
gains and losses in other comprehensive 
income if they relate to equity investments 
that are not held for trading.
There will be no impact on the Group’s 
accounting for financial liabilities, as the new 
requirements only affect the accounting for 
financial liabilities that are designated at fair 
value through profit or loss and the Group 
does not have any such liabilities. The 
de-recognition rules have been transferred 
from AASB 139 Financial Instruments: 
Recognition and Measurement and have  
not been changed.
〉〉 AASB 10 Consolidated Financial Statements  
(effective for annual reporting periods 
commencing on or after 1 January 2013). 
AASB 10 establishes a new control model 
which 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