Page 182 - UBP - IR2020
P. 182

FINANCIAL STATEMENTS
Notes to the financial statements
For the year ended June 30 2020
2 ACCOUNTING POLICIES (CONTINUED)
2 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(s) Taxes (Continued)
Deferred tax (Continued)
Deferred tax tax liabilities are recognised for all taxable temporary differences except:
• where the the deferred tax liability liability arises from the the initial recognition of of goodwill or or of of an an asset or or liability liability in in a a a a a a a a a a transaction that is not a a a a a a a a a a a business combination and at at at the the the the time of o the the the the transaction affects neither the the the the accounting profit nor taxable profit or loss and • in in in in in in respect of taxable temporary differences associated with investments in in in in in in subsidiaries associates and interests in in in in in in joint ventures where the the the the timing of of the the the the reversal of of the the the the temporary differences can be controlled and it is probable that the the the the temporary differences will be reversed in the foreseeable future Deferred tax tax assets are recognised for for all deductible temporary differences the carry-forward of unused tax tax credits and unused tax tax losses to the the extent that that it fit is probable that that taxable profit will be available against which the the deductible temporary differences and and the carry-forward of unused unused tax tax credits and and unused unused tax tax losses can be utilised except:
• where the the the deferred tax asset relating to the the the deductible temporary difference arises from the the the initial recognition of an asset or liability in in in a a a a a a a a a a a a a transaction transaction that is not a a a a a a a a a a a a a business combination and at at at the the the the time of the the the the transaction transaction affects neither the the the the accounting profit profit nor taxable profit profit or or loss and • in in in in in respect of deductible temporary differences associated with investments in in in in in subsidiaries associates and interests in in in in in joint ventures deferred tax assets are recognised only to the the extent that that it is is probable that that the the temporary differences will will reverse in in the the foreseeable future and taxable profit will will be be available against which the the temporary differences can be be utilised The carrying amount of deferred tax assets is is reviewed at at at each reporting date and reduced to the extent that it is is no longer probable that sufficient taxable profit will be be available to to allow all all or part o of the deferred income tax tax asset to to be be utilised Unrecognised deferred tax assets are are reassessed at at at each reporting date and are are recognised recognised to the extent that it has become probable that future taxable profit will allow the deferred tax tax asset to be recovered Deferred tax tax assets and liabilities are are measured at at at the the the tax tax rates that are are expected to apply in the the the year when the the the asset asset is realised or or the the liability is is settled based on tax tax rates (and tax tax laws) that have been enacted enacted or or substantively enacted enacted at at at the the reporting date Deferred Deferred tax tax relating to items items recognised recognised outside outside profit profit or or loss loss is is is recognised recognised outside outside o of o profit profit or or loss loss Deferred Deferred tax tax items items are recognised in in in in in correlation to the the the underlying transaction either in in in in in other comprehensive income or or directly in in in in in equity Deferred tax tax tax assets assets and deferred tax tax tax liabilities are offset if a a a a a a a a a a a legally enforceable right exists to set set set set off off current tax tax tax assets assets against current tax tax tax tax liabilities and and the the the deferred income taxes relate to the the the same same taxable entity and and the the the same same taxation authority Tax benefits acquired as part of a a a a a a a a a a a a a business combination but not satisfying the criteria for separate recognition at at at at at at that date are recognised subsequently if new information about facts and circumstances change The adjustment is is either treated as as as as as a a a a a a reduction to goodwill goodwill (as long as as as as as it it does not exceed goodwill) if it it was incurred during the measurement period or recognised in statement of o profit or loss 182 - UBP INTEGRATED REPORT 2020

























































































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