Page 79 - Annual Report English 2018

Tycoons Worldwide Group (Thailand) Plc.

During the year, the Company received the return of all capital invested in

All Manage International Limited, as a result of the subsidiary’s dissolution.
As a result, there are no investment in subsidiary as at 31 December 2018 and
the Company did not prepare a consolidated statement of financial position as at
31 December 2018. However, the Company prepared consolidated statements of
comprehensive income for the year ended 31 December 2018, and consolidated
statements of changes in shareholders’ equity, and cash flows for the year then
ended, in order to present operating results and cash flows of the Group that
include the operating results and cash flows of All Manage International Limited

from 1 January 2018 until the date when that subsidiary liquidated in June 2018.
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 subsidiary 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.

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

3 New financial reporting standards

(a) Financial reporting standards that became effective in the current year
During the year, the Group have adopted the revised financial reporting standards and

interpretations (revised 2017) which are effective for fiscal years beginning on or after
1 January 2018. These financial reporting standards were aimed at alignment with the
corresponding International Financial Reporting Standards with most of the changes

and clarifications directed towards disclosures in the notes to financial statements. The
adoption of these financial reporting standards does not have any significant impact on
the Group’ financial statements.

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