annual financial statement 2011 - conwert Immobilien Invest SE

CONWERT IMMOBILIEN INVEST SE
ANNUAL FINANCIAL 2011 STATEMENT ANNUAL REPORT 2011
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Deferred tax assets and deferred tax liabilities are generally recognised for all temporary
differences and tax loss carryforwards, with the exception of the following:
+ Deferred tax assets and deferred tax liabilities arising from the initial recognition of goodwill,
assets or liabilities relating to a transaction that is not a business combination and, at the time
of the transaction, did not have an effect on net income for the year as calculated according to
commercial law or on taxable profit, and
+ Deferred tax assets and deferred tax liabilities arising from temporary differences that are related
to investments in subsidiaries, associates or joint ventures, when the timing of the reversal of
the temporary differences can be managed and it is probable that the temporary difference will
not reverse in the foreseeable future.
Deferred tax assets are created when it is probable that sufficient taxable profit will be available
when the deductible temporary differences and/or tax loss carryforwards are realised. The unrecognised
deductible temporary differences and/or tax loss carryforwards as well as the carrying
amount of deferred tax assets are reassessed as of each balance sheet date. Unrealised deferred
tax assets are recognised when it has become probable that future taxable profit will allow the
deferred tax asset and/or tax loss carryforward to be recovered. In contrast, the carrying amount
of deferred tax assets is reduced when it is no longer probable that sufficient taxable profit will
be available in the future to utilise the deductible temporary differences or tax loss carryforward.
The deferred taxes relating to items that are recognised in other comprehensive income or directly
in equity are not recognised to profit or loss, but also recorded in other comprehensive income or
in equity.
Deferred tax assets are offset with deferred tax liabilities when:
+ these assets and liabilities relate to the same taxation authority, and
+ when these assets and liabilities fall under the existing tax assessment and group contract for
Austrian companies, which establishes a legally enforceable right to offset the items.