PERS Model financial statements - AXP Solutions

PERS Ref.
1.46(a) MODEL GROUP SDN. BHD. (Company No. 12345678-A)
(Incorporated in Malaysia)
AND ITS SUBSIDIARIES
1.8(e)
1.46(b),(c)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2009
25.72 Deferred tax assets and liabilities are offset when the Group and the Company have a legally
enforceable right to set off current tax assets against current tax liabilities and deferred tax relate to
income taxes levied by the same taxation authority on the same taxable entity. The amounts of
deferred tax assets and liabilities, after appropriate offsetting, are included in the balance sheet, as
follows:
THE GROUP THE COMPANY
2009 2008 2009 2008
RM RM RM RM
Deferred tax assets 10,985 31,164 - -
Deferred tax liabilities 1,174,856 929,279 - -
25.79(e) The following temporary differences have not been recognised:
THE GROUP THE COMPANY
2009 2008 2009 2008
RM RM RM RM
Deductible temporary differences 40,300 32,200 - -
Unused tax losses 23,900 34,900 - -
64,200
67,100
25.26, 37 Deferred tax assets are not recognised for the above temporary differences as it is not probable that
future taxable profit will be available against which the deductible temporary differences and
unused tax losses can be utilised by the Group as the future profit streams are unpredictable.
However, the unused tax losses may be carried forward indefinitely.
14. PROPERTY DEVELOPMENT COSTS
THE GROUP THE COMPANY
2009 2008 2009 2008
RM RM RM RM
32.50(c)(i) At beginning of the financial year:
Land 53,856 23,010 - -
Development costs 83,974 130,952 - -
Add:
137,830 153,962 - -
32.50(c)(iv) Transfer from land held for
development
861,666 58,969
-
-
Acquisition of subsidiary 987,342 - - -
32.50(c)(ii) Development costs incurred
Less:
8,645,329 5,234,942 - -
32.50(c)(iv) Completed properties transferred to
inventories
(456,237) (83,126)
-
-
-
41
-