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