Regulatory Alerts2026-04-24
Pure Foods Tasmania reduces $4.5 million in deferred tax assets following ASIC review
The Australian Securities and Investments Commission (ASIC) conducted a review of Pure Foods Tasmania’s financial reporting and identified non-compliance with Accounting Standard AASB 112 regarding the recognition of deferred tax assets. Following this regulatory scrutiny, the ASX-listed company reversed $4.5 million in deferred tax assets, representing 31% of its total assets, because it was no longer probable that future taxable profits would be available to utilize the unused tax losses. ASIC used this outcome to remind financial report preparers that careful judgment is required when assessing the likelihood of future profitability to support the recognition of deferred tax assets.
Share