Kia 2006 Annual Report Download - page 91

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(d) The tax effects of temporary differences that result in significant portions of deferred tax assets and liabilities at December 31, 2006 and 2005 are presented
below:
(e) Deferred tax assets have been recognized because it is probable that future profit will be available against which the Company can utilize the related benefit.
(f) Deductible temporary differences of which deferred tax assets have not been recognized as of December 31, 2006 amount to ￦594,508 million.
(g) The Company did not recognize a deferred tax liability in the amount of ￦21,952 million and ￦89,527 million arising from the taxable temporary differences
associated with equity securities accounted for using the equity method as of December 31, 2006 and 2005, respectively, since it is able to control the timing of the
reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future.
The accumulated temporary differences as of December 31, 2006 do not include the temporary differences of ￦261,893 million for the gain on the revaluation of
land, which may not be disposed of in the foreseeable future.
-
59,688
72,461
2,130
10,053
38,346
193,227
6,876
5,324
363,415
51,800
1,687
805,007
￦
2006 2005
1,972
69,293
63,366
-
10,037
-
199,142
-
-
274,789
-
1,866
620,465
Deferred tax assets:
Accumulated depreciation in excess of tax limit
Allowance for doubtful accounts in excess of tax limit
Bad debts written off
Dividend income
Loss on impairment of investments
Accrued expenses
Provision for warranties
Loss on impairment of property, plant and equipment
Net operating loss carryforward
Carryforwards of unused tax credits
Tax reserve applicable to equity
Others
Total deferred tax assets
Won (millions)
1,434
935
5,065
370,440
31
557
4,581
383,043
421,964
￦
￦
2,150
-
4,206
212,814
839
2,989
10,812
233,810
386,655
Deferred tax liabilities:
Deferred foreign exchange translation gain, net
Accumulated depreciation
Accrued income
Equity in income of affiliates, net
Gain on valuation of derivatives
Amortization on development costs
Tax reserve applicable to equity
Total deferred tax liabilities
Net deferred tax asset