Nintendo 2005 Annual Report Download - page 54

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53 Nintendo Co., Ltd. and consolidated subsidiaries
Deferred tax assets:
Inventory - write-downs and
elimination of unrealized profit
Accrued expenses
Research and development costs
Land
Reserve for employee retirement and severance benefits
Unrealized loss on investments in securities
Depreciation
Allowance for doubtful accounts
Other
Gross deferred tax assets
Valuation allowance
Total deferred tax assets
Deferred tax liabilities:
Unrealized gains on other securities
Undistributed retained earnings of subsidiaries and affiliates
Other
Total deferred tax liabilities
Net deferred tax assets
Japanese Yen in Millions
¥
As of March 31, 2004
¥11,352
9,264
4,941
2,572
1,657
1,417
1,351
1,021
8,149
41,724
(1,276)
40,448
(4,545)
(1,114)
(747)
(6,406)
¥34,042
Statutory tax rate 42.0%
Expenses not deductible for tax purposes 0.4
Extra tax deduction on expenses for research and development (1.4)
Differences in consolidated foreign subsidiaries’ tax rate (2.6)
Other (1.2)
Effective income tax rate 37.2%
Reconciliation of the statutory tax rate and the effective income tax rate:
Year ended March 31, 2004