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              [html]<thead><tr><td>The Financial Report of Kingsgate Consolidated Limited ( Kingsgate or the “ Company ”) for the year ended 30 June 2013 was authorised for</td><td>in Australian dollars, which is the Company ' s functional currency and presentation currency.</td><td>amounts related to the settlement of a pre - existing relationship. Such amounts are generally recognised in profit or loss.</td></tr></thead><tbody><tr><td>issue in accordance with a resolution of Directors on 23 September 2013.</td><td>Rounding of amounts</td><td>Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payabled</td></tr><tr><td>Kingsgate is a Company limited by shares incorporated in Australia whose shares are publicly traded on the Australian Securities Exchange</td><td>The Company is of a lind referred to in ASIIC Class Order 98 ( 100 dated 10 ) ( uly 3998 and in accordance with that Class Order, all financial information presented in Australian dollars has been rounded to the nearest thousand, or in certain c</td><td>Oritical accounting estimates</td></tr><tr><td>Acquisitions of non - controlling interests are their care their capacity as owners and theneficiency gross - will is recognised as a nesult of ouch transactions. The non - controlling interact in the adjust mental health in the controlle</td><td>to as the “ Group ” and individually as “ Group entities ”). A description of the nature of the</td><td>The preparation of financial statements requires to preventions. The preparations to preparations that informations that impaired to exercise the judgement in the process of applying the Group ' s accounting policies. The areas invol</td></tr><tr><td>1. BASIS OF PREPARATION</td><td>The general purpose financial statements have been prepared in accordance with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board and the Corjoretties Act 2003</td><td>2. SIGNIFICANT ACCOUNTING</td></tr><tr><td>The acquisition of an asset or group of assets that is not a business is accounted for by allocating the cost of the transaction to the net identifiable assets and liabilities acquired based on their fair values.</td><td>purpose of preparing : the financial statements.</td><td>The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented.</td></tr><tr><td>( II ) Subsidiaries</td><td>The financial statements comply with International Financial Reporting Standards</td><td>Subsidiaries are entities controlled by the first - infantements of subsidiaries are included in the consolidated financial state - ments from the date that control commences until the date that control ceases.</td></tr><tr><td>Standards Board ( IASB ).</td><td>TTTTCTCTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT</td><td>Historical cost convention</td></tr><tr><td>( i ) Business combinations</td><td>The financial statements have been prepared under the historical cost : convention, as modified by the revaluation of available - for - sale financial assets and financial instruments ( including denviative instruments ) at fair value t</td><td>Business combinations are accounted for using the acquisition method as at the acquisition to activities and the acquisition to activities. The activities and their transferred to the Group. Control is the prewer to govern the financin</td></tr><tr><td>The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. Losses applicable to the non - controlling interests in a subsidiary are allocated to the non - controlling int</td><td>Functional and presentation currency</td><td>currently are exercisable.</td></tr><tr><td>The financial statements of the Group entities are measured using the currency of the primary economic environment in which the entity operates (“ the functional currency ”). The consolidated financial statements are presented</td><td>The consideration transferred for the acquisition of a subsidiary comprises the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred does not incl</td><td>Intra group balances and transactions, and any unrealised gains anising from intra - group trans - actions, are eliminated in preparing the consclidated financial statements. Unrealised losses are also eliminated unless the transact</td></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr></tbody>
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