Nissan 2009 Annual Report Download - page 72

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1. Significant components of deferred tax assets and liabilities
Prior fiscal year Current fiscal year
(As of March 31, 2008) (As of March 31, 2009)
Deferred tax assets:
Net operating loss carry forwards ¥ 54,802 ¥ 119,377
Accrued retirement benefits 102,744 98,214
Accrued warranty costs 62,511 60,288
Other 460,939 487,351
Total gross deferred tax assets 680,996 765,230
Valuation allowance (83,519) (153,636)
Total deferred tax assets 597,477 611,594
Deferred tax liabilities:
Reserves under Special Taxation Measures Law, etc. (401,535) (487,969)
Difference between cost of investments and their underlying net equity
at fair value (79,241) (75,581)
Unrealized holding gain on securities (4,562) (2,487)
Other (181,706) (153,059)
Total deferred tax liabilities (667,044) (719,096)
Net deferred tax assets ¥ (69,567) ¥ (107,502)
Note: Net deferred tax assets as of March 31, 2008 and 2009 are reflected in the following accounts in the consolidated balance sheets:
Prior fiscal year Current fiscal year
(As of March 31, 2008) (As of March 31, 2009)
(Millions of yen)
Current assets—deferred tax assets ¥ 299,306 ¥ 226,516
Fixed assets—deferred tax assets 94,420 113,320
Current liabilities—deferred tax liabilities 1,501 198
Long-term liabilities—deferred tax liabilities 461,792 447,140
2. The reconciliation between the effective tax rates reflected in the consolidated financial statements and the statutory tax rate is summarized
as follows:
Prior fiscal year Current fiscal year
(As of March 31, 2008) (As of March 31, 2009)
Statutory tax rate of the Company 40.6%
(Reconciliation)
• Different tax rates applied to foreign subsidiaries (5.9)%
• Tax credits (1.6)%
• Change in valuation allowance 1.6%
• Equity in earnings of affiliates (2.0)%
• Other 1.5%
Effective tax rates after adoption of tax-effect accounting 34.2%
(For tax-effect accounting)
(Millions of yen)
70 Nissan Annual Report 2009
Because loss before
income taxes and minority
interests was recorded for
the current fiscal year,
there is no information to
be disclosed here.