United states securities and exchange commission

 

		2016				2015				2014
Reflected in the consolidated statement of financial position as follows:
Deferred tax assets		Ps.	559,083			Ps.	544,598			Ps.	327,785
Deferred tax liabilities			(1,836,950	)			(885,493	)			(26,842	)
Deferred tax (liability) asset, net		Ps.	(1,277,867	)		Ps.	(340,895	)		Ps.	300,943

 

F-70

Table of Contents

A reconciliation of deferred tax liability, net is as follows:

 

		2016				2015				2014
Opening balance as of January 1,		Ps.	(340,895)			Ps.	300,943			Ps.	282,995
Deferred income tax (expense) benefit during the current year recorded on profits			(749,696	)			(700,351	)			(21,375	)
Tax income benefit (expense) during the current year recorded in accumulated other comprehensive income (loss)			(187,276	)			58,513				39,323
Closing balance as of December 31,		Ps.	(1,277,867	)			Ps.(340,895)			Ps.	300,943

At December 31, 2016 and 2015, the table shown above includes deferred income tax asset recognized by Concesionaria (2014) and Controladora (2015) for tax losses carry-forwards to the extent that the realization of the related tax benefit through future taxable profits is probable. The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.

According to IAS 12, Income Taxes , a deferred tax asset should be recognized for the carryforward of available tax losses to the extent that it is probable that future taxable income will be available against which the available tax losses can be utilized. In this regards the Company has recognized at December 31, 2016, 2015 and 2014 a deferred tax asset for tax losses of Ps.33,324, Ps.58,354 and Ps.518,072, respectively.

During 2014, the Company recognized a deferred tax asset for the carryforward of available tax losses of Controladora for an amount of Ps.491,916, based on the positive evidence of the Company to generate taxable temporary differences related to the same taxation authority which will result in taxable amounts against which the available tax losses can be utilized before they expire. Positive evidence includes the Company’s desire to expand its operations outside of Mexico, resulting in the need to find an organizational structure that is more efficient, in hopes of increasing the Company’s growing resulting in tax planning opportunities available to create taxable profit in the future.

An analysis of the available tax losses carry-forward of the Company at December 31, 2016 is as follows:

 

Year of loss		Historical Loss				Restated tax loss				Utilized				Total remaining amount				Year of expiration
2013		Ps.	181,756			Ps.	198,228			Ps.	198,228			Ps.	—				2023
2014			17,341				18,290				18,290				—				2024
2016			52,221				53,669				—				53,669				2026
2016			57,414				57,414				—				57,414				2019
		Ps.	308,732			Ps.	327,601			Ps.	216,518			Ps.	111,083