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1.Spamgate also has a majority holding in Rooble which operates in an overseas country which is currently in an economic crisis. Compared to the dollar, the exchange rate in the country has dropped more than 35% in the current financial year and the inflation rate is 12%. Rooble had started to build a commercial shopping centre but, because of the difficult economic environment, it had ceased the building work. However, the directors of
Spamgate are currently negotiating the sale of the commercial centre on Rooble’s behalf and anticipate that a significant profit will be made on the sale compared to its carrying amount. Rooble had suffered significant trading losses in recent years and in its financial statements to 31 May 2018. This had led to negative equity and unused tax losses from trading. The tax losses can only be offset against profit arising from trading.
Spamgate has recognised a deferred tax asset in its consolidated financial statements relating to the unused tax losses of the subsidiary. However, there was no disclosure of the evidence supporting the recognition of the deferred tax asset in the draft consolidated financial statements.
The directors would like advice on their recognition of the deferred tax asset in the financial statements.
(8 marks)
Required:
Advise the directors of Spamgate on how each of the above issues should be dealt with in its financial statements with reference to relevant International Financial Reporting Standards (IFRSs).
Note: The mark allocation is shown against each of the three issues above.
Professional marks will be awarded in question 2 for clarity and quality of presentation.
