Why does the Frame Buffer MegaCore not generate simulation model from Qsys?

In Quartus® II software version 12.1, when trying to “Create Simulation Model” in Qsys for the Frame Buffer MegaCore®, you may receive the following error messages:  

Error: Unable to generate simulation model for testFB_alt_vip_vfb_0

Error: Generation stopped, 1 or more modules remaining

Error: ip-generate failed with exit code 1: 8 errors, 0 warning

These error messages indicate that Qsys is unable to generate the simulation model for the Frame Buffer MegaCore and causes the Qsys system generation to fail.

This issue is fixed in Quartus II software version 13.0.