IOOF  | Annual Report 2012 Consolidated Parent 2012 2011 2012 2011 $’000 $’000 $’000 $’000 Reconciliation of movements Net carrying amounts at the beginning of the year (4,074) 10,657  (13,113) 778  Acquisitions and disposals (11, 8 02) - - - Credited/(charged) to profit or loss (Note 10) (52,842) 925  13,619  (101) Temporary differences directly attributable to equity 3,509  (1,866) - - Tax losses - - - - Uncertain tax position 6,894  (13,790) - (13,790) Carrying amount at the end of the year (58,315) (4,074) 506  (13,113) Consolidated Parent 2012 2011 2012 2011 $’000 $’000 $’000 $’000 Deductible temporary differences - - - - Tax losses 1,908  1,908  - - 1,908  1,908  - - Potential tax benefit 572  572  - - Consolidated Parent 2012 2011 2012 2011 $’000 $’000 $’000 $’000 Accounts payable 33,075  30,649  - 70  Income received in advance 1,058  859  - - Accrued expenses 23,786  15,478  106  - Goods and service tax payable 3,996  3,678  3  - 61,915  50,664  109  70  Deferred tax assets have not been recognised in respect of the following items: The deductible temporary differences and tax losses do not expire under current tax legislation. Deferred tax assets have not been  recognised in respect of these items because it is not probable that future taxable profit will be available against which the Group can  utilise the benefits there from. Payables are non-interest bearing and are expected to be paid within 12 months from the financial year end. The Group’s exposure to  currency risk is disclosed in Note 4 Risk management. 20 Payables Unrecognised deferred tax assets page 95