131 Cloudberry Annual report 2021 Financial statements The table shows the deferred tax asset in the balance sheet. NOK 1 000 2021 2020 Temporarily differences deferred tax asset Inventory valuation - 326 Property, plant and equipment 344 2 508 Derivatives - - Other receivables - 7 207 Tax loss carried forward 322 230 177 235 Subtotal 322 574 187 277 Of which not recognised as tax asset (246 869) (86 066) Basis for deferred tax asset 75 705 101 211 Deferred tax asset 16 655 23 423 Temporarily differences deferred tax liability Inventory valuation (47 241) (53 077) Property, plant and equipment (402 022) (112 160) Derivatives (3 964) - Other - (3 541) Basis for deferred tax liability (453 227) (168 778) Deferred tax liability (99 710) (37 091) Reconsiliation to the statement of financial position Deferred tax asset 16 655 23 423 Deferred tax liability (99 710) (37 091) Net deferred tax liabilities in the statement of financial position (83 055) (13 668) The recognised tax liability in the balance sheet is mainly related to excess value on property plant and equipment and project inventory. As per 31 December 2021 the Group has recorded a valuation allowance of NOK 247m related to tax losses carried forward, which is not included in the recognised deferred tax asset. Deferred tax asset and liabilities are offset to the extent that the deferred taxes relate to the same fiscal authority and there is a legally enforceable right to offset current tax asset against current tax liabilities. See note 2 Accounting principles and note 3 Key accounting estimates and judgement.
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