MISC BERHAD - Annual Report 2014 p 194 2. Significant accounting policies (cont’d.) 2.5 Significant accounting estimates and judgements (cont’d.) (b) Key sources of estimation uncertainty (cont’d.) (iv) Deferred tax assets Deferred tax assets are recognised for all deductible temporary differences, unused tax losses and unabsorbed capital allowances to the extent that it is probable that taxable profit will be available against which the losses and capital allowances can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based on the likely timing and level of future taxable profits, together with future tax planning strategies. The total carrying value of recognised deferred tax assets and the unrecognised tax losses and capital allowances are as disclosed in Note 27. (v) Fair value of financial instruments Where the fair value of financial assets and financial liabilities recorded in the statements of financial position cannot be derived from active markets, they are determined using valuation techniques, including the discounted cash flow method. Where possible, the inputs to these valuation models are taken from observable markets. However, when this is considered unfeasible, a degree of judgement is made in establishing fair values. The judgements made include having considered a host of factors including liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. Further disclosure of fair value of financial instruments is provided in Note 34. 3. Revenue Group Corporation 2014 2013 2014 2013 RM’000 RM’000 RM’000 RM’000 Charter and lightering income 5,722,916 5,238,525 1,051,268 974,101 Freight income 563,718 930,852 563,718 922,187 Construction contracts 2,136,102 1,986,870 – – Other shipping related income 360,451 468,722 28,488 34,058 Finance income on lease receivables 221,465 208,856 – – Non-shipping income 291,602 137,980 – – 9,296,254 8,971,805 1,643,474 1,930,346 Non-shipping income mainly represents revenue generated from the operation and maintenance of offshore floating assets. NOTESTOTHE FINANCIAL STATEMENTS - 31 December 2014
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