ECIC IR 2023
ANNUAL Financial Statements for the year ended 31 March 2023
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1
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E X P O R T C R E
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A S
C
R I
D I
F
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Notes to the Financial Statements
8. Deferred tax The deferred tax assets and the deferred tax liability relate to income tax in the same jurisdiction, and the law allows net settlement. Therefore, they have been offset in the statement of financial position as follows:
2023 R’000
2022 R’000 50 755
Deferred tax asset/(liability)
110 679
Reconciliation of deferred tax asset/(liability)
Deferred tax through the statement of comprehensive income Provisions
8 080
7 763 (736)
Fair value loss/(gain) on financial assets Unrealised foreign exchange gain on equities
11 248 (36 627)
(7 924)
Payments received in advance
82
82
Prepayments
(335)
(497) (189)
Property and equipment and intangible assets
(6 183)
Unused tax losses
109 130
44 667
Lease liability
5 639
-
91 034
43 166
Deferred tax through other comprehensive income Fair value on financial assets through other comprehensive income
19 645 110 679
7 589
50 755
Reconciliation of deferred tax asset/(liability) – 2023
Rate change adjustment recognised in other comprehen‑ sive income R’000
Rate change adjustment recognised in profit or loss R’000
Recognised in other comprehen‑ sive income R’000
Recognised in profit or loss R’000
Closing balance R’000
Opening balance R’000
Assets Property and equipment and intangible assets Financial assets at fair value through profit or loss Financial assets available for sale
(189)
(5 994)
-
-
-
(6 183)
(736)
11 984
-
-
-
11 248
(335) (497)
(28 704)
12 057
- - -
- - -
(16 982)
Prepayments
162
- -
(335)
Unused tax losses
44 667
64 463
109 130
Liabilities Provisions
7 763
317
-
-
-
8 080
Payments received in advance
82
-
- -
- - -
- - -
82
Lease liability
-
5 639
5 639
50 755
47 867
12 057
110 679
YOUR EXPORT RISK PARTNER
55
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