Isuzu 2008 Annual Report Download - page 40

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Financial Section n Isuzu Motors Limited Annual Report 2008
8. Land Revaluation
In accordance with the Law concerning Revaluation of Land en-
acted on 31 March, 1999, the land used for business owned by the
Company and its domestic consolidated subsidiaries and domes-
tic affiliates was revalued, and the unrealized gain on the revalua-
tion of land, net of deferred tax, was reported as “Variance of Land
Revaluation” within Net Assets, and the relevant deferred tax was
reported as “Deferred Tax Liabilities related to Land Revaluation” in
Liabilities for the fiscal year ended 31 March, 2008.
Revalued Date: 31 March, 2000
In accordance with the Law concerning Revaluation of Land enacted
on March 31, 1998, the land used for business owned by some of the
Company’s non-consolidated subsidiaries and affiliates accounted for
by the equity method were revalued.
Revalued Date: 31 March, 2001
9. Contingent Liabilities
Contingent liabilities at March 31, 2008 and 2007 are as follows:
¥ 2,417
159
—
—
¥ 2,026
145
—
3
$ 20,231
1,455
—
31
10. Lease Transactions
(1) Finance lease transactions, except for those which meet the conditions that the ownership of the leased assets is substantially transferred to
the lessee, is as follows.
a) As a lessee
i) Amounts equivalent to acquisition costs, accumulated depreciation and net balance as of March 31, 2008 and 2007 concerning the finance lease
assets:
¥ 39,187
20,417
18,770
¥ 38,448
19,203
19,244
$ 383,754
191,672
192,081
¥ 8,380
11,094
19,474
¥ 8,868
11,414
20,283
$ 88,521
113,930
202,451
ii) Future payment obligations of finance lease expenses as of March 31, 2008 and 2007 are as follows:
Amounts equivalent to interest expenses are calculated by the interest method based on an excess of the aggregate sum of lease payments
over amounts equivalent to acquisition costs.
Thousands of
Millions of yen U.S. dollars
2008 2007 2008
Guarantees of bank loans
Export bills discounted
Notes endorsed
Notes discounted
Thousands of
Millions of yen U.S. dollars
2008 2007 2008
Portion due within one year
Thereafter
Total
Thousands of
Millions of yen U.S. dollars
2008 2007 2008
Acquisition costs
Accumulated depreciation
Net balance
The method of revaluation is as follows:
Under article 2-4 of the Enforcement Ordinance on Law concern-
ing Revaluation of Land, the land price for the revaluation is deter-
mined based on the official notice prices assessed and published by the
Commissioner of National Tax Agency of Japan as basis for calculation
of Landholding Tax as stipulated in article 16 of the Landholding Tax
Law. Appropriate adjustments for the shape of land and the timing of
the assessment has been made. The land price for the revaluation for
some of the land is based on land appraisal.
The difference of the total fair value, revalued based on the article
10 of the Enforcement Ordinance on Law concerning Revaluation of
Land, of business land for the end of this fiscal year and the total book
price for the business land revalued was ¥55,758 millions ($556,528
thousands).