Goodwill relating to an associate is included in the carrying amount of the investment and is not amortised. After  application of the equity method, the Consolidated Entity determines whether it is necessary to recognise any  impairment loss with respect to the Consolidated Entity’s net investment in associates. Goodwill included in the  carrying amount of the investment in associate is not tested separately, rather the entire carrying amount of the  investment is tested for impairment as a single asset. If an impairment is recognised, the amount is not allocated  to the goodwill of the associate. The Consolidated Entity’s share of its associates’ post-acquisition profits or losses is recognised in the statement  of comprehensive income, and its share of post-acquisition movements in reserves is recognised in reserves. The  cumulative post-acquisition movements are adjusted against the carrying amount of the investment. Dividends  receivable from associates reduce the carrying amount of the investment. When the Consolidated Entity’s share of losses in an associate equals or exceeds its interest in the associate,  including any unsecured long-term receivables and loans, the Consolidated Entity does not recognise further  losses, unless it has incurred obligations or made payments on behalf of the associate. The reporting dates of the associates and the Consolidated Entity are identical and the associates’ accounting  policies conform to those used by the Consolidated Entity for like transactions and events in similar. Business combinations are accounted for using the acquisition method. The consideration transferred in a  business combination shall be measured at fair value, which shall be calculated as the sum of the acquisition- date fair values of the assets transferred by the acquirer, the liabilities incurred by the acquirer to former owners  of the acquiree and the equity issued by the acquirer, and the amount of any non-controlling interest in the  acquiree. For each business combination, the acquirer measures the non-controlling interest in the acquiree  either at fair value or at the appropriate share of the acquiree’s identifiable net assets. Acquisition-related costs  are expensed as incurred. When the Consolidated Entity acquires a business, it assess the financial assets and liabilities assumed for  appropriate classification and designation in accordance with the contractual terms, economic conditions, the  Consolidated Entity’s operating or accounting policies and other pertinent conditions as at the acquisition date.  This includes the separation of embedded derivatives in the host contracts by the acquiree. If the business combination is achieved in stages, the acquisition date fair value of the acquirer’s previously held  equity interest in the acquiree is remeasured at fair value as at the acquisition date through profit or loss. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition  date. Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or  liability will be recognised in accordance with AASB 139 either in profit or loss or in other comprehensive income. If  the contingent consideration is classified as equity, it shall not be remeasured. Prior to 1 July 2009 Business combinations were accounted for using the purchase method. Transaction costs directly attributable  to the acquisition formed part of the acquisition costs. The non-controlling interest (formerly known as minority  interest) was measured at the proportionate share of the acquiree’s identifiable net assets. Business combinations achieved in stages were accounted for in separate steps. Any additional interest in the  acquiree acquired did not affect previously recognised goodwill. The goodwill amounts calculated at each step  acquisition were accumulated. When the Group acquired a business, embedded derivatives separated from the host contract by the acquiree  were not reassessed on acquisition unless the business combination resulted in a change in the terms of the  contract that significantly modified the cash flows that otherwise would have been required under the contract. Contingent consideration was recognised if, and only if, the Group had a present obligation, the economic outflow  was more likely than not and a reliable estimate was determinable. Subsequent adjustments to the contingent  consideration were adjusted against goodwill.  (N) BUSINESS COMBINATIONS Subsequent to 1 July 2009 62  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011