Page 115 - TYCONS - ANNUAL REPORT 2022

Tycoons Worldwide Group (Thailand) Plc.

b) The Company is deemed to have control over an investee or subsidiary if it has
rights, or is exposed, to variable returns from its involvement with the investee, and
it has the ability to direct the activities that affect the amount of its returns.

c) Subsidiary is fully consolidated, being the date on which the Company obtains

control, and continue to be consolidated until the date when such control ceases.

d) The financial statements of the subsidiary are prepared using the same significant
accounting policies as the Company.

e) The assets and liabilities in the financial statements of overseas associated

companies are translated to Baht using the exchange rate prevailing on the end of
reporting period, and revenues and expenses translated using monthly average
exchange rates. The resulting differences are shown under the caption of “Exchange

differences on translation of financial statements in foreign currency” in the
statements of changes in shareholders’ equity.

f) Material balances and transactions between the Company and its subsidiary have

been eliminated from the consolidated financial statements.

g) Non-controlling interests represent the portion of profit or loss and net assets of the
subsidiary that are not held by the Company and are presented separately in the
consolidated profit or loss and within equity in the consolidated statement of financial

position.

2.3 The separate financial statements present investments in subsidiary and associate under
the cost method

3 New financial reporting standards

3.1 Financial reporting standards that became effective in the current period

During the period, the Group has adopted the revised financial reporting standards and
interpretations which are effective for fiscal years beginning on or after 1 January 2022. These
financial reporting standards were aimed at alignment with the corresponding International

Financial Reporting Standards with most of the changes directed towards clarifying
accounting treatment and providing accounting guidance for users of the standards.

The adoption of these financial reporting standards does not have any significant impact

on the Group’s financial statements.

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