Porsche 2004 Annual Report Download - page 114
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Group Notes Principles110
6) Deferred taxes
The differences in deferred taxes are based on different concepts for determining deferred taxes
in HGB and IFRS. Under IFRS, deferred tax assets and liabilities are recognized on all temporary
differences between the tax carrying amounts and the carrying amounts pursuant to IFRS.
Deferred tax assets are recognized when the conditions are met.
7) Pension provisions
Pension provisions under IFRS are calculated using the projected unit credit method pursuant
to IAS 19. The method also takes account of future salary and pension increases. The changes
compared to German commercial law amount to T€ 93,750.
8) Tax provisions and other provisions
Provisions may only be recognized if there is a legal or constructive obligation to third parties
and utilization is probable. Expense provisions are not recognized. Non-current provisions are
discounted to their present value. The aggregate difference amounts to T€ 339,337.
9) Liabilities
The financial liabilities item has essentially changed as a result of first-time consolidation of a
variable interest entity of T€ 254,171. In addition, an amount of T€ 576,825, which represents
some of the asset-backed financing and was reported under deferred income under HGB, was
reclassified and allocated in full to financial liabilities.
Advance payments received for inventories are disclosed as liabilities, which led to an increase
in liabilities compared to HGB. Liabilities thus increased by T€ 392,792 compared to the con-
solidated balance sheet under German commercial law.
10) Deferred income
Those parts of the asset-backed financing which were reported under deferred income in
accordance with HGB were reclassified to financial liabilities.