Home' Nufarm Annual Report : Nufarm Half Year Report 2017 Contents NUFARM LIMITED HALF YEAR REPORT 2017
CONDENSED NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT
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 2017 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 2016 are available upon
request from the company’s registered office at 103–105 Pipe Road, Laverton North, Victoria, Australia or at
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 2016.
These condensed consolidated interim financial statements were approved by the Board of Directors on 22 March 2017.
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 2016.
During the current reporting period, a number of new or amended standards became applicable for the first time:
• AASB 2015-2: Disclosure Initiative (AASB 101).
• Application of Australian Accounting Standards (AASB 1057).
• AASB 2015-1: Amendments to Australian Accounting Standards – Annual Improvements to Australian Accounting
Standards 2012– 2014 Cycle.
• AASB 2014-3: Accounting for Acquisitions of Interests in Joint Operations.
• AASB 2014-4: Amendments to Australian Accounting Standards – Clarification of Acceptable Methods of Depreciation
The group did not have to change its accounting policies or make retrospective adjustments as a result of adopting
New standards and interpretations not yet adopted
A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after
1 August 2016, and have not been applied in preparing these interim financial statements. None of these are expected
to have a significant effect on the consolidated financial statements of the group, except for AASB 9: Financial Instruments
and AASB 15: Revenue From Contracts with Customers, which both become mandatory for the group’s 2019 consolidated
financial statements, and AASB 16: Leases, which becomes mandatory for the group’s 2020 consolidated financial
statements. AASB 9 could change the classification and measurement of financial assets, AASB 15 could change revenue
recognition practices, and AASB 16 could change the classification and measurement of operating or financing leases. The
group does not currently plan to adopt these standards early and the extent of the impact (if any) has not been determined.
Where applicable, comparatives have been adjusted to present them on the same basis as current period figures.
The preparation of the interim financial report requires management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual
results may differ from these estimates.
In preparing these condensed consolidated interim financial statements, the significant judgements made by management
in applying the group’s accounting policies and the key sources of estimation uncertainty were the same as those that
applied to the consolidated financial statements as at and for the year ended 31 July 2016.
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