Deferred tax assets and liabilities are offset when

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Unformatted text preview: tax consequences that would follow from the manner in which the entity expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the entity intends to settle its current tax assets and liabilities on a net basis. Current and deferred income tax for the period Current and deferred income tax is recognised as an expense or income in the income statement, except when it relates to items credited or debited directly to equity, in which case the deferred tax is also recognised directly in equity, or where it arises from the initial accounting for a business combination, in which case it is taken into account in the determination of goodwill or excess. 38 Wellcom Group Limited Notes to the Consolidated Financial Statements 2. For personal use only s) Summary of significant accounting policies (continued) Leases Leases are classified as finance...
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