Nokia 2004 Annual Report Download - page 188
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Notes to the Consolidated Financial Statements (Continued)
37. Differences between International Financial Reporting Standards and U.S. Generally
Accepted Accounting Principles (Continued)
reporting. This table presents the IFRS deferred tax assets and liabilities according to the
presentation prescribed by FAS 109, Accounting for Income Taxes, under U.S. GAAP.
2004 2003
EURm EURm
Current assets:
Intercompany profit in inventory ....................................... 41 40
Warranty provision .................................................. 50 57
Other provisions ..................................................... 29 35
Tax losses carried forward ............................................. 28 5
Other .............................................................. 124 130
272 267
Non-current assets:
Tax losses carried forward ............................................. 353
Warranty provision .................................................. 68 100
Other provisions ..................................................... 145 144
Untaxed reserves .................................................... 86 98
Other temporary differences ........................................... 69 103
371 498
Deferred tax assets ..................................................... 643 765
Less: valuation allowance ............................................... (20) (22)
Total deferred tax assets ................................................ 623 743
Current deferred tax liabilities .......................................... (17) (16)
Non-current deferred tax liabilities:
Untaxed reserves .................................................... (30) (33)
Fair value gains/losses ................................................ (28) (22)
Undistributed earnings ................................................ (60) —
Other .............................................................. (44) (170)
(162) (225)
Total deferred tax liabilities .............................................. (179) (241)
Net deferred tax asset .................................................. 444 502
F-63