Page 152 - Annual Report 2015 - Mono Technology Public Company Limited

b) The Company is deemed to have control over an investee or subsidiaries 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) Subsidiaries are 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 subsidiaries are prepared using the same significant accounting policies as the Company.
e) The assets and liabilities in the financial statements of overseas subsidiary 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 companies have been eliminated from the consolidated financial statements.
2.3 The separate financial statements present investments in subsidiaries under the cost method.
3. New financial reporting standards
Below is a summary of financial reporting standards that became effective in the current accounting year and those that will become effective in the future.
a) Financial reporting standards that became effective in the current year
The Company and its subsidiaries have adopted the revised (revised 2014) and new financial reporting standards issued by the Federation of Accounting Professions which a effective for fiscal years beginning on or after 1 January 2015. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards, with most of the changes directed towards revision of wording and terminology, and provision of interpretations and accounting guidance to users of standards. The adoption of these financial reporting standards does not have any significant impact on the financial statements of the Company and its subsidiaries. However, some of these standards involve changes to key principles, which are summarised below
Accounting Standard:
TAS 19 (revised 2014)
Financial Reporting Standards:
TFRS 10 TFRS 11
TFRS 12 TFRS 13
Employee Benefits
Consolidated Financial Statements
Joint Arrangements
Disclosure of Interests in Other Entities
Fair Value Measurement
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Mono Technology Public Company Limited