FINANCIAL STATEMENTS - Mewah Group

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MEWAH INTERNATIONAL INC.NOTES TOTHE FINANCIAL STATEMENTSFor the financial year ended 31 December 201225. DEFERRED INCOME TAXESDeferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against currentincome tax liabilities and when the deferred income taxes relate to the same fiscal authority. The amounts, determined after appropriateoffsetting, were shown on the statement of financial position as follows:Group2012 2011US$’000 US$’000Deferred income tax assets- expected to be recovered within one year 661 -Deferred income tax liabilities- expected to be settled within one year (7,783) (5,781)- expected to be settled after one year (4,685) (9,099)(12,468) (14,880)(11,807) (14,880)Movement in deferred income tax account is as follows:2012 2011US$’000 US$’000Beginning of financial year (14,880) (15,453)Currency translation differences (506) 350Tax charged to- profit or loss 3,197 223- equity 382 -End of financial year (11,807) (14,880)84
ANNUAL REPORT 2012NOTES TOTHE FINANCIAL STATEMENTSFor the financial year ended 31 December 201225. DEFERRED INCOME TAXES (CONTINUED)The movement in deferred income tax assets and liabilities (prior to offsetting of balances within the same tax jurisdiction) is as follows:GroupDeferred income tax liabilities2012Accelerated taxdepreciationRevaluation ofproperty, plant andequipmentUnremitted foreignincomeTotalUS$’000 US$’000 US$’000 US$’000Beginning of financial year (26,591) (3,050) - (29,641)Currency translation differences (1,039) (32) - (1,071)(Charged)/credited to- profit or loss (1,555) 13 (375) (1,917)- equity - 382 - 382End of financial year (29,185) (2,687) (375) (32,247)2011Accelerated taxdepreciationRevaluation ofproperty, plant andequipmentTotalUS$’000 US$’000 US$’000Beginning of financial year (24,981) (2,691) (27,672)Currency translation differences 679 62 741Charged to- profit or loss (2,289) (421) (2,710)End of financial year (26,591) (3,050) (29,641)85
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FINANCIAL STATEMENTS - Mewah Group

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