Crucial 2012 Annual Report Download - page 287

42
INOTERA MEMORIES, INC.
NOTES TO FINANCIAL STATEMENTS
(Continued)
Contents of Plan Responsible Department Status of Execution
3. Implementation phase
(2012.1.1~2013.12.31)
3.1. Test operation of related
information system Information system department Completed
3.2. Gather related
information for purposes
of establising IFRS
figures at the beginning
date of balance sheet and
preparing IFRS
comparative financial
report Accounting department Completed
3.3. Prepare IFRS financial
statements Accounting department
In process, but with estimated
completion period in the first
quarter of 2012
As of December 31, 2011, assessments (unaudited) were made of the material differences between the
Company's existing accounting policies and those of IFRSs as follows:
Accounting Topic Description of Difference
Income taxes Under ROC GAAP, a deferred tax asset is recognized in full, but reduced
by a valuation allowance if the chance is more than 50% that some or all
deferred tax assets will not be realized.
Under IFRSs, deferred tax assets are recognized only if realization of tax
benefit is “probable” which is not quantitively defined.