UOBKH/AR09 [web] - ChartNexus

58
Notes To Financial Statements (continued)
31 December 2009
Details of the leasehold land and buildings as at 31 December 2009 are set out below:
Location Description Tenure/Unexpired term
8 Anthony Road 4 storey office building on Lease for a term of 15 years
8,682.8 sq. m. from 22 July 2009 to 21 July 2023
Leasehold land was purchased in 2008 for the construction of an office building intended mainly for use by the Group.
As at the end of the current financial year, the office building has been completed and depreciated using the straight line method over the
useful life of the property.
17 DEFERRED TAX
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current income tax assets against current
income tax liabilities and when the deferred income taxes relate to the same tax authority. The amount, determined after appropriate
offsetting are shown on the statement of financial position as follows:
The Group
2009 2008
$ $
Deferred tax assets 225,730 303,920
Deferred tax liabilities (1,075,519) (437,378)
The following are the major tax assets and liabilities recognised by the Group and the movement thereon, during the current and prior
reporting periods:
Fair value
(gains)/losses Tax loss Total
$ $ $
The Group
Deferred tax assets
At 1 January 2008 – 46,755 46,755
Credited to profit or loss (Note 26) 239,000 29,829 268,829
Currency translation differences – (11,664) (11,664)
At 31 December 2008 239,000 64,920 303,920
Credited to profit or loss – 149,866 149,866
Currency translation differences – 10,944 10,944
Financial assets, available-for-sale (Note 21(b)) (239,000) – (239,000)
At 31 December 2009 – 225,730 225,730