Nokia 2003 Annual Report Download - page 167
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Notes to the Consolidated Financial Statements (Continued)
36. Differences between International Accounting Standards and U.S. Generally Accepted
Accounting Principles (Continued)
reporting. This table presents the IAS deferred tax assets and liabilities according to the
presentation prescribed by FAS 109, Accounting for Income Taxes under U.S. GAAP.
2003 2002
EURm EURm
Current assets:
Intercompany profit in inventory ....................................... 40 48
Warranty provision .................................................. 57 58
Other provisions ..................................................... 35 62
Tax losses carried forward ............................................. 513
Other .............................................................. 130 128
267 309
Non-current assets:
Tax losses carried forward ............................................. 53 125
Warranty provision .................................................. 100 60
Other provisions ..................................................... 144 121
Untaxed reserves .................................................... 98 105
Other temporary differences ........................................... 103 40
498 451
Deferred tax assets ..................................................... 765 760
Less: valuation allowance ............................................... (22) (29)
Total deferred tax assets ................................................ 743 731
Current deferred tax liabilities .......................................... (16) (20)
Non-current deferred tax liabilities:
Untaxed reserves .................................................... (33) (33)
Fair value gains/losses ................................................ (22) (25)
Other .............................................................. (170) (129)
(225) (187)
Total deferred tax liabilities ............................................. (241) (207)
Net deferred tax asset .................................................. 502 524
Pension expense
Under IAS, the determination of pension expense for defined benefit plans differs from the
methodology set forth in U.S. GAAP. For purposes of U.S. GAAP, the Group has estimated the effect
on net income and shareholders’ equity assuming the application of SFAS No. 87 in calculating
pension expense as of January 1, 1992.
The Group uses December 31 measurement date for its pension plans.
F-58