Home' Nufarm Annual Report : Nufarm Half Year Report Contents NUFARM LIMITED HALF YEAR REPORT 2014
1. Reporting entity
Nufarm Limited (the ‘company’) is domiciled in Australia. The condensed consolidated interim financial statements
of the company as at and for the six months ended 31 January 2014 comprises the company and its subsidiaries (together
referred to as the ‘group’) and the group’s interest in associates and jointly controlled entities.
The consolidated annual financial statements of the group as at and for the year ended 31 July 2013 are available upon
request from the company’s registered office at 103–105 Pipe Road, Laverton North, Victoria, Australia or at www.nufarm.com
2. Statement of compliance
These condensed consolidated interim financial statements have been prepared in accordance with AASB 134: Interim
Financial Reporting, the Corporations Act 2001 and IAS 34: Interim Financial Reporting. They do not include all of the
information required for full annual financial statements, and should be read in conjunction with the consolidated financial
statements of the group as at and for the year ended 31 July 2013.
These condensed consolidated interim financial statements were approved by the board of directors on 26 March 2014.
3. Accounting policies
(a) Significant accounting policies
Except as described below, the accounting policies applied by the group in these condensed consolidated interim
financial statements are the same as those applied by the group in its consolidated financial statements, as at and for
the year ended 31 July 2013.
The company has changed some of its accounting policies as the result of new or revised accounting standards which
became effective for the annual reporting period commencing on 1 July 2013. The affected policies and standards are:
• Principles of consolidation: new standards AASB 10 Consolidated Financial Statements and AASB 11 Joint
• Accounting for employee benefits: revised AASB 119 Employee Benefits.
Other new standards that are applicable for the first time for the January 2014 half year report are AASB 13 Fair Value
Measurement, AASB 2012–2 Amendments to Australian Accounting Standards – Disclosures – Offsetting Financial Assets
and Financial Liabilities and AASB 2012–5 Amendments to Australian Accounting Standards arising from Annual
Improvements 2009–2011 Cycle. These standards have introduced new disclosures for the interim report but did not
materially affect the entity’s accounting policies or any of the amounts recognised in the financial statements.
(i) Principles of consolidation – subsidiaries and joint arrangements
AASB 10 was issued in August 2011 and replaces the guidance on control and consolidation in AASB 127 Consolidated
and Separate Financial Statements and in Interpretation 112 Consolidation – Special Purpose Entities. Under the new
principles, the group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement
with the entity and has the ability to affect those returns through its power over the entity.
The group has reviewed its investments in other entities to assess whether the consolidation conclusion in relation to these
entities is different under AASB 10 than under AASB 127. No differences were found and therefore no adjustments to any
of the carrying amounts in the financial statements are required as a result of the adoption of AASB 10.
Under AASB 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on
the contractual rights and obligations each investor has, rather than the legal structure of the joint arrangement. The group
has assessed the nature of its joint arrangements and determined to have joint ventures only.
The accounting for the group’s joint ventures has not changed as a result of the adoption of AASB 11. The group continues
to use the equity method to account for its interest in joint ventures. Under this method, the interests are initially recognised
in the consolidated balance sheet at cost and adjusted thereafter to recognise the group’s share of the post-acquisition profits
or losses and movements in other comprehensive income in profit or loss and other comprehensive income respectively.
CONDENSED NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT
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