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125

2015 Annual Report

NOTES TO FINANCIAL STATEMENTS

Year ended 31 December 2015

2.5 SUMMARY OF S I GN I F I CANT ACCOUNT I NG POL I C I E S

(CONTINUED)

Income tax (continued)

Deferred tax liabilities are recognised for all taxable temporary differences, except:

? when the deferred tax liability arises from the initial recognition of goodwill or an asset or

liability in a transaction that is not a business combination and, at the time of the transaction,

affects neither the accounting profit nor taxable profit or loss; and

? in respect of taxable temporary differences associated with investments in subsidiaries, when

the timing of the reversal of the temporary differences can be controlled and it is probable that

the temporary differences will not reverse in the foreseeable future.

Deferred tax assets are recognised for all deductible temporary differences, the carry forward of

unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that

it is probable that taxable profit will be available against which the deductible temporary differences,

the carry forward of unused tax credits and unused tax losses can be utilised, except:

? when the deferred tax asset relating to the deductible temporary differences arises from the

initial recognition of an asset or liability in a transaction that is not a business combination and,

at the time of the transaction, affects neither the accounting profit nor taxable profit or loss;

and

? in respect of deductible temporary differences associated with investments in subsidiaries,

deferred tax assets are only recognised to the extent that it is probable that the temporary

differences will reverse in the foreseeable future and taxable profit will be available against

which the temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and

reduced to the extent that it is no longer probable that sufficient taxable profit will be available

to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are

reassessed at the end of each reporting period and are recognised to the extent that it has become

probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset

to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the

period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that

have been enacted or substantively enacted by the end of the reporting period.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set

off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable

entity and the same taxation authority.

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