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## (4) New or amended IFRS standards and interpretations not yet adopted 

The following is a list of new or amended IFRS standards and interpretations that the Group has not adopted among those issued by the date of the approval of the Group’s consolidated financial statements. Also, the effects on the Group due to the application of the standards or interpretations listed below are still under consideration and cannot be estimated at this time. 

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## 3. significant accounting policies 

Unless otherwise noted, the accounting policies set forth below are applied continuously to all periods indicated in the consolidated financial statements (including the consolidated statement of financial position at the date of transition to IFRS). 

## (1) Basis of consolidation 

## (i) Subsidiaries 

Subsidiaries are entities controlled by the Group. The Group controls an entity when the Group has power over the entity, is exposed to, or has rights, to variable returns from its involve- ment with the entity, and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consoli- dated from the date on which control is transferred to the Group, and they are deconsolidated from the date on which the Group loses control. 

All intragroup assets and liabilities, transactions and unre- alised gains or losses arising from intragroup transactions are eliminated on consolidation. 

## (ii) Associates 

Associates are entities over which the Group has significant influence on their financial and operating policies but does not have control or joint control. If the Group owns between 20% and 50% of the voting power of an entity, it is presumed that the Group has significant influence over the entity. The Group accounts for investments in associates using the equity method. 

## (iii) Joint arrangements 

A joint arrangement is an arrangement in which the Group has joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the activities that significantly affect the returns of the arrangement require the unanimous consent of the parties sharing control. Joint arrangements in which the Group has an interest are classified and accounted for as follows: 

· Joint operation—when the Group has rights to the assets and obligations for the liabilities relating to an arrangement, it accounts for each of its assets, liabilities, revenue and expenses, in relation to its interest in the joint operation. 

· Joint venture—when the Group has rights only to the net assets of the arrangement, it accounts for its interest in the joint venture using the equity method in the same way as associates. 

## (2) Business combinations 

Business combinations are accounted for using the acquisition method. 

The consideration transferred is measured at fair value and calculated as the aggregate of the fair values of the assets transferred, liabilities assumed, and the equity interests issued by the Group. The consideration transferred also includes any assets or liabilities resulting from a contingent consideration arrangement. 

