2016 Annual Report For Web 7.3MB

• Where the deferred tax liability arises from the initial recognition
of goodwill or 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 the taxable profit or loss.
• In respect of taxable temporary differences associated with
investments in subsidiaries, where 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 recognized for all deductible temporary
differences, carryforward of unused tax losses, to the extent that
it is probable that taxable profit will be available against which the
deductible temporary differences and the carryforward of unused tax
losses can be utilized.
The carrying amount of deferred tax assets is reviewed at each
reporting date 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 utilized. Unrecognized deferred tax assets are
reassessed at each reporting date and are recognized to the extent
that it has become probable that future taxable profits will allow the
deferred tax asset to be recovered. Deferred tax assets and liabilities
are measured at the tax rates that are expected to apply in the year
when the asset is realized or the liability is settled, based on tax rates
[and tax laws] that have been enacted or substantively enacted at the
reporting date.
Deferred tax items are recognized in correlation to the underlying
transaction either in the consolidated statements of income, other
comprehensive income or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally
enforceable right exists to offset current tax assets against current
income tax liabilities and the deferred taxes relate to the same taxable
entity and the same taxation authority.
Tax benefits acquired as part of a business combination, but not
satisfying the criteria for separate recognition at that date, would be
recognized subsequently if information about facts and circumstances
changed. The adjustment would either be treated as a reduction to
goodwill if it occurred during the measurement period or in profit or
loss, when it occurs subsequent to the measurement period.
Deferred taxes on indefinite-life intangible assets were previously
measured on an “on sale” basis for tax purposes. During the year, the
Company retroactively adopted the IFRIC decision to measure deferred
taxes on these assets based on an income tax rate if recovered through
use.
Sales tax
Revenue, expenses and assets are recognized net of the amount of
sales tax, except where the sales tax incurred on a purchase of assets
or services is not recoverable from the taxation authority, in which case
the sales tax is recognized as part of the cost of acquisition of the asset
or as part of the expense item as applicable and where receivables and
payables are stated with the amount of sales tax included.
The net amount of sales tax recoverable from, or payable to, the
taxation authority is included as part of receivables or payables in the
consolidated statements of financial position.
SHARE-BASED COMPENSATION PLANS
Employees of AGI may receive remuneration in the form of sharebased
payment transactions, whereby employees render services
and receive consideration in the form of equity instruments [equitysettled
transactions, share award incentive plan and directors’
deferred compensation plan] or cash [cash-settled transactions]. In
situations where equity instruments are issued and some or all of the
goods or services received by the entity as consideration cannot be
specifically identified, the unidentified goods or services received are
measured as the difference between the fair value of the share-based
payment transaction and the fair value of any identifiable goods or
services received at the grant date and are capitalized or expensed as
appropriate.
Equity-settled transactions
The cost of equity-settled transactions is recognized, together with a
corresponding increase in other capital reserves, in equity, over the
PTM
2015
Based in Italy, PTM Technology
is a leader in the design
and manufacturing of grain
handling equipment, including
chain or belt conveyors,
bucket elevators and filters
for intake pits. Its engineered
designs can be customized to
specific projects and PTM’s
highly qualified engineers
have the ability to incorporate
its systems into existing
project layouts.
89 CONSOLIDATED FINANCIAL STATEMENTS
FIELD TO CONSUMER
2016 ANNUAL REPORT
CONSOLIDATED FINANCIAL STATEMENTS 06