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This excerpt taken from the ANW 20-F filed Apr 22, 2009. Income
Taxes: The
Company accounts for income taxes using the liability method in accordance with
SFAS No. 109. SFAS No. 109 requires the provision of deferred income taxes for
the tax effects of temporary differences between financial reporting and tax
bases of assets and liabilities, using enacted tax rates in effect in the years
in which the differences are expected to reverse. Valuation allowances are
required to be recorded to reduce deferred tax assets when it is more likely
than not that a tax benefit will not be realized.
This excerpt taken from the ANW 20-F filed Apr 7, 2008. Income
Taxes: The
Company accounts for income taxes using the liability method in accordance with
SFAS No. 109. SFAS No. 109 requires the provision of deferred income taxes for
the tax effects of temporary differences between financial reporting and tax
bases of assets and liabilities, using enacted tax rates in effect in the years
in which the differences are expected to reverse. Valuation allowances are
required to be recorded to reduce deferred tax assets when it is more likely
than not that a tax benefit will not be realized. Generally, Aegean and its
subsidiaries are involved in non-taxable activities and, as such, no material
deferred tax assets or liabilities arose in any of the periods presented (refer
to Note 20).
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