Page 79 - Annual report eng 2019

Tycoons Worldwide Group (Thailand) Plc.

2.4 Basis of consolidation

During the year 2018, 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.

3 New financial reporting standards

(a) Financial reporting standards that became effective in the current year

During the period, the Company has adopted the revised (revised 2018) and new financial

reporting standards and interpretations which are effective for fiscal years beginning on or after
1 January 2019. 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 Company’s financial statements. However, the new standard involves changes to

key principles, which are summarised below:

TFRS 15 Revenue from Contracts with Customers

TFRS 15 supersedes the following accounting standards together with related interpretations.

TAS 11 (revised 2017) Construction Contracts

TAS 18 (revised 2017) Revenue
TSIC 31 (revised 2017) Revenue - Barter Transactions Involving Advertising Services
TFRIC 13 (revised 2017) Customer Loyalty Programmes

TFRIC 15 (revised 2017) Agreements for the Construction of Real Estate
TFRIC 18 (revised 2017) Transfers of Assets from Customers

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