Mitsubishi 2009 Annual Report Download - page 58

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The significant components of deferred tax assets and liabilities as of March 31, 2009 and 2008 consisted of the following:
In millions of yen
In thousands of
U.S. dollars
2009 2008 2009
Deferred tax assets:
Net operating loss carry forward ¥ 212,748 ¥ 184,835 $ 2,165,815
Accrued retirement benefits 46,559 44,899 473,988
Allowance for doubtful accounts 5,916 7,925 60,231
Allowance for product warranties 14,525 19,078 147,868
Accounts payable—warranties 7,812 15,451 79,527
Fixed assets (incl. impairment losses) 38,152 38,107 388,403
Others 61,766 84,725 628,793
Less valuation allowance (349,819) (351,833) (3,561,231)
Total deferred tax assets 37,661 43,189 383,398
Deferred tax liabilities:
Reserves under the Special Taxation Measures Law (380) (399) (3,875)
Unrealized holding gain on securities (803) (7,166) (8,178)
Fair value adjustments relating to land (4,557) (4,552) (46,394)
Accelerated depreciation in overseas consolidated subsidiaries (23,678) (28,885) (241,053)
Others (17,185) (22,489) (174,949)
Total deferred tax liabilities (46,605) (63,492) (474,452)
Net deferred tax liabilities ¥ (8,944) ¥ (20,303) $ (91,054)
Deferred tax assets and liabilities at March 31, 2009 and 2008 are included in the accompanying consolidated balance sheets as follows:
In millions of yen
In thousands of
U.S. dollars
2009 2008 2009
Current assets ¥ 1,398 ¥ 1,040 $ 14,234
Non-current assets 8,206 9,842 83,544
Current liabilities –(3,219) –
Non-current liabilities (18,549) (27,967) (188,833)
Net deferred tax liabilities ¥ (8,944) ¥(20,303) $ (91,054)
56 MITSUBISHI MOTORS CORPORATION Annual Report 2009