- 7 - Loss of control When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related non-controlling interests and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. Interests in equity-accounted investees The Group’s interests in equity-accounted investees comprise interests in joint ventures and associates. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Interests in joint ventures and associates are accounted for using the equity method. They are recognised initially at cost. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which joint control or significant influence ceases. Transactions eliminated on consolidation Intra-group balances and transactions and any income or expenses arising from intra-group transactions are eliminated in the preparing of the consolidated financial statements. Unrealised gains and losses arising from transactions with joint ventures and associates are eliminated against the investment to the extent of the Group’s interest in the investee. 3.2 Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currency of Group entities at exchange rate at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities measured at cost in foreign currencies are translated to the functional currency at the exchange rate at the dates of the transactions. Foreign currency differences arising on retranslation are generally recognised in profit or loss. However, foreign currency differences arising from the translation of qualifying cash flow hedges to the extent that the hedges are effective are recognised in other comprehensive income. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition of foreign operations, are translated to Thai Baht at the exchange rates at the end of the reporting date. The revenues and expenses of foreign operations are translated to Thai Baht at the average rates during the year. Foreign exchange differences are recognised in other comprehensive income and presented in the foreign currency translation reserve in equity until disposal of the investment, except to extent that the translation difference is allocated to non-controlling interest. 239 BUSINESS OPERATION AND PERFORMANCE CORPORATE GOVERNANCE FINANCIAL REPORTS AND FINANCIAL STATEMENTS APPENDIX
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