Nokia 2004 Annual Report Download - page 189
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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)
Pension expense
Under IFRS, 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 as the measurement date for its pension plans.
For its single-employer defined benefit pension schemes, net periodic pension cost included in the
Group’s U.S. GAAP net income for the years ended December 31, 2004, 2003 and 2002, includes the
following components:
2004 2003 2002
EURm EURm EURm
Service cost—benefits earned during the year(1) ........................ 62 54 58
Interest on projected benefit obligation .............................. 56 46 47
Expected return on assets ......................................... (56) (55) (60)
Amortization of prior service cost ................................... 2212
Recognized net actuarial loss ....................................... (5) 1—
Amortization of transition asset .................................... 111
Curtailment .................................................... —14
Net periodic pension cost (income) .................................. 60 50 62
(1) Excludes premiums associated with pooled benefits.
F-64