2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (C) CHANGES IN ACCOUNTING POLICY (D) BASIS OF CONSOLIDATION 59  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 Changes in ownership interest of a subsidiary (without a change in control) is accounted for as a transaction with  owners in their capacity as owners. Non-controlling interests are allocated their share of net profit after tax in the statement of comprehensive  income and are presented within equity in the consolidated statement of financial position, separately from the  equity of the owners of the parent. Where there is loss of control of a controlled entity, the consolidated financial statements include the results for  the part of the reporting period during which the Company has control. Subsidiaries are fully consolidated from the date on which control is obtained by the Consolidated Entity and  cease to be consolidated from the date on which control is transferred out of the Consolidated Entity. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company,  using consistent accounting policies. In preparing consolidated financial statements, all intercompany 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 over which the Consolidated Entity has the power to govern the financial and  operating policies so as to obtain benefits from their activities. The existence and effect of potential voting rights  that are currently exercisable or convertible are considered when assessing whether a consolidated entity  controls another entity. The consolidated financial statements comprise the financial statements of the parent entity and its subsidiaries  (‘the Consolidated Entity’) as at 30 June each year. The accounting policies used in the preparation of these financial statements are consistent with those used in  previous years. * Designates the beginning of the applicable annual reporting period unless otherwise stated. ** Only applicable to not-for-profit/public sector entities. *** Only applicable to entities that would fit in Tier 2 (Reduced Disclosure Requirements) category. **** The AASB has not issued this standard, which was finalised by the IASB in May 2011. Reference Title Summary Application date  of standard* Application date  for Group* **** Disclosure of Interests  in Other Entities IFRS 12 includes all disclosures relating to an entity’s  interests in subsidiaries, joint arrangements, associates  and structures entities. New disclosures have been  introduced about the judgements made by management  to determine whether control exists, and to require  summarised information about joint arrangements,  associates and structured entities and subsidiaries with  non-controlling interests. 1 January 2013 1 July 2013 **** Fair Value  Measurement IFRS 13 establishes a single source of guidance under  IFRS for determining the fair value of assets and  liabilities. IFRS 13 does not change when an entity is  required to use fair value, but rather, provides guidance  on how to determine fair value under IFRS when fair  value is required or permitted by IFRS. Application of  this definition may result in different fair values being  determined for the relevant assets. IFRS 13 also expands the disclosure requirements for  all assets or liabilities carried at fair value. This includes  information about the assumptions made and the  qualitative impact of those assumptions on the fair value  determined. 1 January 2013 1 July 2013