Ann: Preliminary Final Report - Appendix 4E, page-6

The devil lives on in the detail.

AASB102o

1. Where a company incurs a tax loss, significant doubts must arise as to the ability of such a company to realise the related future income tax benefit and in these circumstances it is considered that it would be imprudent to bring to account as an asset the future income tax benefit attributable to the tax loss unless realisation of the benefit is virtually certain. It is considered that this test of virtual certainty will only be met in rare and exceptional cases.