Notes to the Financial Statements For the financial year ended 31 December 2024 3 MATERIAL ACCOUNTING POLICIES (CONTINUED) 3.8 Tax (continued) Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. In determining the amount of current and deferred tax, the Company takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Company believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Company to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the year that such a determination is made. 3.9 New standards and interpretations not yet adopted At the date of authorisation of these financial statements, the Company has not applied the following SFRS(I) pronouncements that have been issued but are not yet effective: • Amendments to SFRS(I) 9 and SFRS(I) 7: Amendments to the Classification and Measurement of Financial Instruments1 • Annual Improvements to SFRS(I)s – Volume 111 • SFRS(I) 18 Presentation and Disclosure in Financial Statements2 • SFRS(I) 19 Subsidiaries without Public Accountability: Disclosures2 1 Effective for annual periods beginning on or after 1 January 2026 2 Effective for annual periods beginning on or after 1 January 2027 Management anticipates that the adoption of the above SFRS(I)s and amendments to SFRS(I) in future periods will not have a material impact on the financial statements of the Company in the period of their initial adoption except for the following: 295 Annual Report 2024
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