Page 110 - ACC One Report 2567-En

ADVANCED CONNECTION CORPORATION PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2024
b) The Company assumes control over the investee or its subsidiaries. If the Company has a right to receive or has an interest in the returns of the invested entity and is able to exercise its power to direct activities that significantly affect the amount of returns.
c) Subsidiaries are fully consolidated as from the date on which the Group obtains control, and continue to be consolidated until the date when such control cases.
d) ThefinancialstatementsofthesubsidiariesarepreparedusingthesamesignificantaccountingpoliciesastheCompany.
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. They are presented separately in consolidated profit or loss and shareholders' equity in the consolidated statement of financial position.
The company prepares separate financial statements. It presents investments in subsidiaries using 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 and new financial reporting standards and interpretations which are effective for fiscal years beginning on or after January 1, 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 January 1, 2025.
The Federation of Accounting Professions issued a number of revised financial reporting standards, which are effective for fiscal years beginning on or after January 1, 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.
The adoption of these financial reporting standards does not have any significant impact on the Group’s financial statements.
Annual Report 2024 (Form 56-1 One Report)
Advanced Connection Corporation Public Company Limited
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