Page 119 - Microsoft Word - One-Report-Eng 2024 Final.docx

Tycoons Worldwide Group (Thailand) Plc.

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) Material balances and transactions between the Group have been eliminated from the
consolidated financial statements.

f) Non-controlling interests represent the portion of profit or loss and net assets of the
subsidiaries 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 subsidiaries and associate under

the cost method.

3. New financial reporting standards

3.1 Financial reporting standards that became effective in the current year
During the year, the Group has adopted the revised financial reporting standards which are

effective for fiscal years beginning on or after 1 January 2024. 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.

3.2 Financial reporting standards that will become effective for fiscal years beginning on
or after 1 January 2025

The Federation of Accounting Professions issued a number of revised financial reporting
standards, which are effective for fiscal years beginning on or after 1 January 2025. 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 management of the Group believes that adoption of these amendments will not have any
significant impact on the Group’s financial statements.

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