TTMA Annual Report 2017 E-Mag FAW

n) DEFERRED INCOME TAXES
Deferred income taxes are provided in full, using the liability method, for all temporary differences arising between
the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income
taxes are determined using tax rates that have been enacted or substantially enacted and are expected to apply
when the related deferred income tax asset is realized or the related deferred income tax liability is settled.
Under this method, a provision is made for deferred income taxes on the revaluation of certain non-current assets
and, in relation to an acquisition, on the difference between the fair values of the net assets acquired and their
tax base.
The principal temporary differences arise from depreciation on property, plant and equipment and tax losses
carried forward. Deferred tax assets relating to the carry forward of unused tax losses are recognized to the
extent that it is probable that future taxable profit will be available against which the unused tax losses can
be utilized.
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2017
1] INCORPORATION AND ACTIVITIES
The Association, limited by guarantee, is incorporated and domiciled in the Republic of Trinidad and Tobago with
its registered office located at #42 Tenth Street, Barataria. The Association’s activities are to promote and encourage
the development of local manufacturing operations and to assist in problems relating to manufacturing
industries in Trinidad and Tobago.
2] PROPERTY, PLANT AND EQUIPMENT
LAND BUILDING
& CARPARK
OFFICE
EQUIPMENT
TOTAL
$ $ $ $
Year ended 31 December 2017
Opening net book amount 2,437,352 6,730,208 251,546 9,419,106
Additions - - 355,083 355,083
Depreciation charge - (308,664) (90,910) (399,574)
Closing net book amount 2,437,352 6,421,544 515,719 9,374,614
At 31 December 2017
Cost 2,437,352 9,484,351 2,145,981 14,067,684
Accumulated depreciation - (3,062,808) (1,630,260) (4,693,068)
Net book amount 2,437,352 6,421,543 515,720 9,374,614
Year ended 31 December 2016
Opening net book amount 2,437,352 7,038,978 228,794 9,705,124
Additions - - 107,511 107,511
Depreciation charge - (308,770) (84,760) (393,530)
Closing net book amount 2,437,352 6,730,208 251,546 9,419,106
At 31 December 2016
Cost 2,437,352 9,484,351 1,790,898 13,712,601
Accumulated depreciation - (2,754,143) (1,539,352) (4,293,495)
Net book amount 2,437,352 6,730,208 251,546 9,419,106
38 ANNUAL REPORT 2017 39 ANNUAL REPORT 2017