INCOME TAXES

3 Months Ended

Jul. 31, 2014

NOTE 3 -INCOME TAXES

Deferred income taxes arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. The Company does not have any uncertain tax positions.

The Company currently has net operating loss carryforwards aggregating $24,809 (2014: $20,362), which expire through 2033. The deferred tax asset related to the carryforwards has been fully reserved.

The Company has deferred income tax assets, which have been fully reserved, as follows as of July 31, 2014 and April 30, 2014:

	July 31, 2014			April 30, 2014
Deferred tax assets	$	8,683		$	7,127
Valuation allowance for deferred tax assets		(8,683	)		(7,127	)
Net deferred tax assets	$	—		$	—

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

Emerald Isle Explorations Ltd. 10-Q