Notes to the Summary Group Financial Statements continued

For the Year Ended 30 June 2018

6. Investments in Other Entities

Key Judgements and Estimates

The Group needs to determine whether an impairment exists on our interest in associates and joint ventures. This requires the estimation of the recoverable amount of our interest.

Recognition and Measurement

A joint venture is an entity where the Group has joint control with one or more parties and have rights to the net assets of the joint venture. An associate is an entity where the Group has significant influence, being the ability to participate in the financial and operating decisions of the entity.

Interests in associates and joint ventures are accounted for using the equity method of accounting where the investment is recorded at cost plus its share of any profit or loss during the ownership period. Any dividends received are deducted from the investment value.

* See note 11 for details regarding the restatement of a prior period amount.