WASCO BERHAD 210 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 7 DEFERRED TAX ASSETS/(LIABILITIES) (CONTINUED) Group Company 2024 RM’000 2023 RM’000 2024 RM’000 2023 RM’000 Subject to income tax Deferred tax assets (before offsetting) - Unused tax losses 1,451 19,212 - - - Property, plant and equipment - 250 - - - Provisions and accruals 17,317 15,757 - - - Unrealised foreign exchange losses 2,447 128 - - - Others 8 10 - - 21,223 35,357 - - Offsetting (9,245) (8,638) - - Deferred tax assets (after offsetting) 11,978 26,719 - - Deferred tax liabilities (before offsetting) - Property, plant and equipment (10,984) (10,047) - (14) - Unrealised foreign exchange gains (933) (1,102) - - - Others (963) (6,446) - - (12,880) (17,595) - (14) Offsetting 9,245 8,638 - - Deferred tax liabilities (after offsetting) (3,635) (8,957) - (14) Recognition and measurement Deferred tax assets are recognised for all unused tax losses, unabsorbed capital allowances and other deductible temporary differences to the extent that it is probable that taxable profit will be available against which the tax losses, capital allowances and other deductible temporary differences can be utilised. Significant judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits. Assumptions about generation of future taxable profits depend on the Group’s estimate of projected future cash flows. These judgements and assumptions are subject to risks and uncertainty, hence there is a possibility that changes in circumstances will alter expectations, which may impact the amount of deferred tax assets recognised in the statements of financial position and the amount of unused tax losses, unabsorbed capital allowances and unutilised temporary differences that remain unrecognised. Key estimates The Group concluded that the deferred tax assets will be recoverable using the estimated future taxable income of the subsidiaries of the Company. It is estimated that the secured project and unsecured project with high probabilities of successful award which will contribute to the future taxable income at the subsidiaries.
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