Page 129 - Mono Technology Public Company Limited : Annual Report 2013

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.

d) 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.

e) Material balances and transactions between the Company and its subsidiary companies
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, which present investments in subsidiaries under the cost method,
have been prepared solely for the benefit of the public.

3. New accounting standards
Below is a summary of accounting standards that became effective in the current accounting year and
those that will become effective in the future.

(a) Accounting standards that became effective in the current accounting year

Accounting standards:

TAS 12 Income Taxes

TAS 20 (revised 2009) Accounting for Government Grants and Disclosure of
Government Assistance

TAS 21 (revised 2009) The Effects of Changes in Foreign Exchange Rates

Financial Reporting Standard:

TFRS 8 Operating Segments

Accounting Standard Interpretations:

TSIC 10 Government Assistance - No Specific Relation to Operating
Activities

TSIC 21 Income Taxes - Recovery of Revalued Non-Depreciable Assets

TSIC 25 Income Taxes - Changes in the Tax Status of an Entity or its
Shareholders

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