Nokia 2005 Annual Report Download - page 216

Notes to the Consolidated Financial Statements (Continued)
39. Differences between International Financial Reporting Standards and US 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 US GAAP.
2005 2004
EURm EURm
Current assets:
Intercompany profit in inventory ....................................... 49 41
Warranty provision .................................................. 74 50
Other provisions ..................................................... 28 29
Tax losses carried forward ............................................. 628
Other .............................................................. 191 124
348 272
Non-current assets:
Tax losses carried forward ............................................. 26 3
Warranty provision .................................................. 33 68
Other provisions ..................................................... 142 145
Untaxed reserves .................................................... 85 86
Fair value gains/losses ................................................ 43 —
Other temporary differences ........................................... 40 69
369 371
Deferred tax assets ..................................................... 717 643
Less: valuation allowance ............................................... (25) (20)
Total deferred tax assets ................................................ 692 623
Current deferred tax liabilities .......................................... (26) (17)
Non-current deferred tax liabilities:
Untaxed reserves .................................................... (13) (30)
Fair value gains/losses ................................................ —(28)
Undistributed earnings ................................................ (68) (60)
Other .............................................................. (44) (44)
(125) (162)
Total deferred tax liabilities .............................................. (151) (179)
Net deferred tax asset .................................................. 541 444
F-78