Financial Statements - Mewah Group

MEWAH INTERNATIONAL INC.
ANNUAL REPORT 2011
Notes to the Financial Statements
For the financial year ended 31 December 2011
25. Deferred income taxes (continued)
The amounts of deferred income tax assets and liabilities (prior to offsetting of balances within the same tax jurisdiction)
recognised in the statement of financial position and income statement on each type of temporary differences were as follows:
Group
Consolidated Statement of
Financial Position
2011
US$’000
2010
US$’000
Consolidated Income
Statement
2011 2010
US$’000 US$’000
Deferred income tax assets
Unutilised tax losses 110 45 74 (47)
Unutilised reinvestment allowance 8,166 4,611 3,787 866
Unrealised loss on derivative financial instruments 4,898 6,572 (1,562) 13,981
Unutilised capital allowance - - - (271)
Others 1,587 991 634 (1,048)
14,761 12,219
Deferred income tax liabilities
Accelerated tax depreciation (29,054) (24,981) (4,811) (1,883)
Revaluation of property, plant and equipments (587) (2,691) 2,101 376
(29,641) (27,672) 223 11,974
Deferred income tax assets are recognised for tax losses and capital allowances carried forward to the extent that realisation
of the related tax benefits through future taxable profits is probable. The Group had unrecognised tax losses of US$4,960,000
(2010: US$771,000) at the statement of financial position date which can be carried forward and used to offset against future
taxable income subject to meeting certain statutory requirements by those companies with unrecognised tax losses and capital
allowances in their respective countries of incorporation. The tax losses have no expiry date.
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