27. Deferred Income Tax The deductible and taxable temporary differences in respect of which deferred tax has been recognised are as follows: Deferred income tax liabilities (taxable temporary differences) Taxable temporary differences principally attributable to accelerated tax depreciation and fair value adjustments arising on acquisition (i)  1,592   1,697  Revaluation of derivative financial instruments to fair value  15   14  Rolled-over capital gains  18   20  Total  1,625   1,731  (i)  Fair value adjustments arising on acquisition principally relate to property, plant and equipment. Movement in net deferred income tax liability At 1 January  1,202   1,308  Translation adjustment (17)  14  Net expense/(income) for the year (note 11)  11  (80) Arising on acquisition (note 31)  9   27  Disposal (note 5) (73) (9) Movement in deferred tax asset on Group defined benefit pension obligations (28) (56) Movement in deferred tax liability on cash flow hedges  - (2) At 31 December  1,104   1,202  2012 2011 €m €m Reported in balance sheet after offset Deferred tax liabilities  1,301   1,492  Deferred tax assets (197) (290) Net deferred income tax liability  1,104   1,202  Deferred income tax assets (deductible temporary differences) Deficits on Group defined benefit pension obligations (note 28)  139   140  Revaluation of derivative financial instruments to fair value  21   12  Tax loss carryforwards  129   131  Share-based payment expense  1   2  Provisions for liabilities and working capital-related items  183   209  Other deductible temporary differences  48   35  Total  521   529  Deferred income tax assets have been recognised in respect of all deductible temporary differences, with the exception of some tax loss carryforwards. The amount  of tax losses where recovery is not probable and is therefore not recognised in the Consolidated Balance Sheet is €378 million (2011: €376 million). The vast majority  will expire post 2017 (2011: 2016). 108 CRH