Page 153 - Mono Technology Public Company Limited : Annual Report 2014 EN

b) 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.

c) 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, which present investments in subsidiaries under the cost method, have
been prepared solely for the benefit of the public.

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 accounting year

Conceptual Framework for Financial Reporting (revised 2014)

Accounting Standards:

TAS 1 (revised 2012) Presentation of Financial Statements

TAS 7 (revised 2012) Statement of Cash Flows

TAS 12 (revised 2012) Income Taxes

TAS 17 (revised 2012) Leases

TAS 18 (revised 2012) Revenue

TAS 19 (revised 2012) Employee Benefits

TAS 21 (revised 2012) The Effects of Changes in Foreign Exchange Rates

TAS 24 (revised 2012) Related Party Disclosures

TAS 28 (revised 2012) Investments in Associates

TAS 31 (revised 2012) Interests in Joint Ventures

TAS 34 (revised 2012) Interim Financial Reporting

TAS 36 (revised 2012) Impairment of Assets

TAS 38 (revised 2012) Intangible Assets
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