text: **(B) Basis of Presentation**
  
  The consolidated financial statements of the Company have been prepared on a historical cost basis, except for investment properties that 
  have been measured at fair value. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The 
  consolidated financial statements have been prepared on a going concern basis and are presented in Canadian dollars, which is Killam’s 
  functional currency, and all values are rounded to the nearest thousand ($000), except when otherwise noted. Standards and guidelines 
  not effective for the current accounting period are described in Note 4. 
  
  **(C) Basis of Consolidation**
  
  *(i) Subsidiaries*
  The consolidated financial statements include the accounts of Killam and its subsidiaries. Non‑controlling interests represent the portion of 
  profit or loss and net assets not held by Killam, and are presented separately in the Consolidated Statements of Income and Comprehensive 
  Income and within equity in the Consolidated Statement of Financial Position, separately from shareholders’ equity. 
  
  Subsidiaries are entities controlled by Killam. The financial statements of subsidiaries are included in the consolidated financial statements 
  from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed when 
  necessary to align them with the policies adopted by Killam. In certain circumstances, Killam has control over entities in which it does not 
  own more than 50% of the voting power. 