GENERAL MEETING DRAFT - Bankier.pl

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>> Financial Statements
Part A – Accounting Policies
Deferred tax assets and liabilities are recognised at the tax rates that are expected to apply to the period
when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been
enacted or substantively enacted at the time of recognition.
A deferred tax liability is recognised for all taxable temporary differences associated with investments in
subsidiaries or associates, and interests in joint ventures, except to the extent that both of the following
conditions are satisfied:
� the Parent, investor or venturer is able to control the timing of the reversal of the temporary
difference; and
� it is probable that the temporary difference will not reverse in the foreseeable future.
A deferred tax asset is recognised for all deductible temporary differences arising from investments in
subsidiaries and associates, and interests in joint ventures, to the extent that, and only to the extent that,
it is probable that:
� the temporary difference will reverse in the foreseeable future; and
� taxable profit will be available against which the temporary difference can be utilised.
Deferred tax assets and liabilities are offset when owed to (or by) the same tax authority and the right to
offset is recognised in law.
Current and deferred tax is recognised in profit and loss item 290 “Tax expense (income) related to profit
or loss from continuing operations”, except tax referred to items debited or credited directly to equity, in
the same or another year, such as those relating to AfS financial assets or to changes in the fair value of
cash flow hedging instruments, the changes in value of which are recognised directly in the revaluation
reserves net of tax.
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Retirement provisions – i.e. provisions for employee benefits paid after leaving employment – are
classified as defined contribution plans or defined-benefit plans according to the economic nature of the
plan.
In detail:
� Defined-benefit plans provide a series of benefits depending on factors such as age, years of
service and compensation needs. Under this type of plan actuarial and investment risks are borne
by the company.
� Defined-contribution plans are plans under which the company makes fixed contributions. Benefits
are the result of the amount of contributions paid and return on contributions invested. The
employer has no risk under this type of plan. since it has no legal or implicit obligation to make
further contributions, should the plan assets not be sufficient to provide benefit to all employees.
Therefore, under this type of plan actuarial and investment risks are borne by the employee.
Defined-benefit plans are present-valued by an external actuary using the unit credit projection method.