NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONT 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) New accounting standards and interpretations (ii) Accounting Standards and Interpretations issued but not yet effective (b) Basis of consolidation The principal accounting policies adopted in the preparation of these consolidated financial statements are set out below� These policies have been  consistently applied to all the years presented, unless otherwise stated� (i) Changes in accounting policy and disclosures We have adopted the following new and amended Australian Accounting Standards and AASB Interpretations as of 1 January 2013� Adoption of these Standards and Interpretations did not have any effect on the financial position or performance of the Group� There are a number of Standards and Interpretations that will be mandatory in future reporting periods� We have not elected to early adopt these  Standards and Interpretations� We are yet to quantify the effect on the reported financial position or performance of the Group� The Standards and Interpretations that are of most relevance to the Group are set out below: The consolidated financial statements comprise the financial statements of Australian Agricultural Company Limited, and its subsidiaries (as  outlined in note 25) as at 31 March each year� All intra-group balances and transactions, income and expenses and profit and losses resulting from  intra-group transactions have been eliminated in full� Subsidiaries are all those entities which we control as a result of us being exposed, or have rights, to variable returns from our involvement  with the subsidiary and we have the ability to affect those returns through our power over the subsidiary� Such control generally accompanies a  shareholding of more than one-half of the subsidiaries voting rights� We currently hold 100% of the voting rights of all our subsidiaries�  We consolidate subsidiaries from the date on which control commences and up until the date on which there is a loss of control� We account for the acquisition of our subsidiaries using the acquisition method of accounting� The acquisition method of accounting involves  recognising at acquisition date, separately from goodwill, the identifiable assets acquired, the liabilities assumed and any non-controlling interest  in the acquiree� The identifiable assets acquired and the liabilities assumed are measured at their acquisition date fair values� Any excess of the  fair value of consideration over our interest in the fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities is recognised  as goodwill� Annual Report 2013 57 AASB 2011-9  Amendments to Australian Accounting Standards –  Presentation of Other Comprehensive Income  [AASB 1, 5, 7, 101, 112, 120, 121, 132, 133, 134, 1039 & 1049] AASB 10  Consolidated Financial Statements AASB 11  Joint Arrangements AASB 12  Disclosure of Interests in Other Entities AASB 13  Fair Value Measurement AASB 119  Employee Benefits AASB 2012-5  Annual Improvements 2009–2011 cycle AASB 2012-2  Amendments to Australian Accounting Standards – Disclosures – Offsetting Financial Assets and Financial Liabilities AASB 2012-9  Amendment to AASB 1048 arising from the withdrawal of Australian Interpretation 1039  AASB 2012-10  Amendments to Australian Accounting Standards – Transition Guidance and Other Amendments  AASB 2012-3  Amendments to Australian Accounting Standards – Offsetting Financial Assets and Financial Liabilities AASB 9  Financial Instruments