- 3 - 2.9 Basis for preparation of consolidated financial statements The consolidated financial statements included the accounts of the Company and subsidiaries, after elimination of intercompany transactions, of which the percentage of shareholding as at December 31, is as follows: Business type Country of registration Percentage of shareholdings (%) 2021 2020 IRPC Oil Co., Ltd. Sales of oil products and gas Thailand 99.99 99.99 IRPC Technology Co., Ltd. Vocational school Thailand 99.99 99.99 Innopolymed Co., Ltd. Distributing non-woven fabric products and medical consumables Thailand 60.00 - IRPC A&L Co., Ltd. Distributing of petrochemical products Thailand 57.48 57.48 iPolymer Co., Ltd. Distributing plastic resin and chemical products via E-Commerce system Thailand 55.00 55.00 Indirectly invested by IRPC Oil Co., Ltd. Rakpasak Co., Ltd. Oil vessel renting Thailand 99.99 99.99 3. SIGNIFICANT ACCOUNTING POLICIES Significant accounting policies of the Group are summarized below: 3.1 Group accounting - Investment in associates and subsidiaries and interest in joint ventures Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns though its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Intercompany transactions, balances and unrealised gains on transactions among the Group are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. In the separate financial statements, investments in subsidiaries are accounted for at cost less impairment. Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments. Cost also includes direct attributable costs of investment. Transaction with non-controlling interests The Group treats transactions with non-controlling interests as transactions with equity owners of the Group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in shareholders’ equity. Gains or losses on disposals to non-controlling interests are also recorded in shareholders’ equity. 305 NOTES TO THE FINANCIAL STATEMENTS IRPC PUBLIC COMPANY LIMITED
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