Chrysler 2005 Annual Report Download - page 170
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169
Appendix 1 Transition to International Financial Reporting Standards (IFRS)
are substantially transferred:consequently, all portfolios sold with
recourse, and the majority of those sold without recourse, have
been reinstated in the IFRS balance sheet.
The impact of such adjustments on stockholders’ equity and on
net income is not material. In particular, it refers mainly to the
reversal of the gains arising from the related securitisation
transactions on the retail portfolio of receivables of financial
service companies, realised under Italian GAAP and not yet
realised under IFRS.
W ith regards to financial structure, the reinstatement in the balance
sheet of the receivables and payables involved in these sales
transactions causes a significant increase in trade and financial
receivables and in financial debt balances, and a worsening in net
debt. In particular, in consequence of these reinstatements, trade
receivables increase by 3,563 million euros and 2,134 ,euros at
January 1, 2004 and at December 31, 2004, respectively;at the same
dates, financial receivables increase by 6,127 million euros and 6,997
euros, and financial debt increased by 10,581 million euros and
10,174 million euros, respectively.
R. Accounting for deferred income taxes
This item includes the combined effect of the net deferred tax
effects, after allowance, on the above mentioned IFRS adjustments, as
well as other minor differences between Italian GAAP and IFRS on
the recognition of tax assets and liabilities.