NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONT For the three months ended 31 March 2013 20. DERIVATIVE FINANCIAL INSTRUMENTS 88 Australian Agricultural Company Limited The gain or loss from remeasuring the interest rate swaps at fair value is recognised in other comprehensive income and deferred in equity in the  hedging reserve, to the extent that the hedge is effective� It is reclassified into profit or loss when the hedged interest expense is recognised� In the  three months to 31 March 2013 there was no gain or loss recognised for interest rate swaps on previous facilities into profit or loss (three months  to 31 March 2012: nil)� For the twelve months to 31 December 2012 a gain of $2,219,000 was recognised for interest rate swaps on previous  facilities into profit or loss and included in finance costs� Interest rate swap contracts  We have entered into interest rate swaps which are economic hedges� The $200 million swaps have been designated as effective interest rate  swaps and therefore satisfy the accounting standard requirements for hedge accounting� As at the reporting date, the notional principal amounts and period of expiry of the interest rate swap contracts are as follows: We fair value these contracts by comparing the contracted rate to the market rates for contracts with the same length of maturity� All movements  in fair value are recognised in profit or loss in the period they occur� The net fair value gain on foreign currency derivatives during the three months  to 31 March 2013 was $243,000 (31 December 2012: $1,420,000; 31 March 2012: $169,000)� We have entered into forward currency exchange traded contracts which are economic hedges but do not satisfy the requirements of the  accounting standards for hedge accounting� Forward currency contracts  31 Mar 2013  $000 31 Dec 2012  $000 31 Mar 2012  $000  (reviewed ) Current assets Commodity contracts 100 720 283 Foreign currency contracts 444 - -  544 720  283 Current liabilities Commodity contracts  792  561 321 Interest rate swap contracts 4,650 6,079 1,674 5,442 6,640 1,995 Notional Amounts (AUD) Average Exchange Rate 31 Mar 2013  $000 31 Dec 2012  $000 31 Mar 2012 $000  (reviewed) 31 Mar 2013  AUD/USD 31 Dec 2012  AUD/USD 31 Mar 2012  AUD/USD  Sell FX/Buy AUD Sell USD Maturity 0-12 months 26,173 27,458 14,240 1�01967 1�01914 1�02899 31 Mar 2013  $000 31 Dec 2012  $000 31 Mar 2012  $000  (reviewed ) 0-1 years - - 80,000 1-3 years 200,000 200,000 200,000