20. Deferred tax liabilities
Group
Statement of
Consolidated
financial position income statement
2015 2014 2015 2014
$’000 $’000 $’000 $’000
Deferred tax assets
Unutilised tax losses and wear and
tear allowances
(2,278)
(1,904)
(1,382)
(1,034)
Allowance for doubtful receivables
(1,055)
(1,345)
290
(237)
Others
(83)
(70)
(11)
(34)
(3,416)
(3,319)
Deferred tax liabilities
Difference in depreciation for
tax purposes
17,912 16,826
1,019
5,324
Fair value adjustments on
business combinations
2,487 3,063
(212)
(204)
Fair value gain on forward
currency contracts
92
–
–
–
20,491 19,889
Net deferred tax liabilities
17,075 16,570
(296)
3,815
Deferred tax assets and liabilities are offset when there is a legally enforceable right to
set off current tax assets against current income tax liabilities and when the deferred
taxes relate to the same taxable entity and the same taxation authority. The deferred tax
amounts determined after appropriate offsetting are as follows:
Group
2015 2014
$’000 $’000
Deferred tax liabilities, net
17,075 16,570
At the end of the reporting period, the Group has undistributed earnings of subsidiaries for
which deferred tax liabilities have not been recognised. No liability has been recognised
in respect of these differences because the Group is in a position to control the timing of
the reversal of the temporary differences and it is probable that the temporary differences
will not reverse in the foreseeable future.
Such temporary differences for which no deferred tax liability has been recognised
aggregate to $56,714,000 (2014: $50,729,000). The deferred tax liabilities are estimated
to be $14,150,000 (2014: $12,702,000).
NOTES TO THE FINANCIAL
STATEMENTS
For the financial year ended 30 June 2015
ASL Marine Holdings Ltd. /Annual Report 2015
136
