Crucial 2011 Annual Report Download - page 157
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7
INOTERA MEMORIES, INC.
NOTES TO FINANCIAL STATEMENTS
Revenue is generally recognized when it is realized or realizable and earned when all of the following criteria are met:
(i) persuasive evidence of an arrangement exists,
(ii) shipment has occurred or services have been rendered,
(iii) the seller’s price to the buyer is fixed or determinable, and
(iv) collectibility is reasonably assured.
Rental income is recognized when services are provided.
The Company has adopted SFAS No. 22 “Income Taxes”,
under which, income taxes are accounted for using the asset and
liability method. Deferred income tax is determined based on differences between the financial statements and tax basis of
assets and liabilities using enacted tax rates in effect during the years in which the differences are expected to reverse. The
income tax effects of taxable temporary differences are recognized as deferred income tax liabilities. The income tax effects
resulting from deductible temporary differences, net operating loss carryforwards, and income tax credits are recognized as
deferred income tax assets. The realization of the deferred income tax assets is evaluated, and if it is considered more likely
than not that the asset will not be realized, a valuation allowance is recognized accordingly.
Deferred income tax assets and liabilities are classified as current or non-
current based on the classification of the related
asset or liability. If the deferred income tax asset or liability is not directly related to a specific asset or liability, then the
classification is based on the expected realization date of the asset or liability.
Any tax credits arising from purchases of machinery and equipment, research and development expenditures, and personnel
training expenditures are recognized using the flow-through method.
According to the ROC Income Tax Law, undistributed earnings calculated on tax basis, if any, is subject to an additional 10
percent retained earnings tax. This surtax is charged to income tax expense in the following year when the appropriation of
earnings is approved by the stockholders.
(Continued)
(p)
Revenue recognition
(q)
Income tax