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According to the provisions of the German Commercial Code, deferred taxes are to be calculated for all recognizedtimingadjustvaluationsappliesanticipatearise differences in the tax recognizedtimingadjustvaluationsappliesanticipatearise and consolidated balance sheets. Deferred taxes can only be recognizedtimingadjustvaluationsappliesanticipatearise if future reversal is probable, i.e. we recognizedtimingadjustvaluationsappliesanticipatearise a company’s liquidation. Deferred tax assets on loss carryforwards may not be capitalised.
Under US GAAP, deferred taxes are provided for all temporary differences between the tax and consolidated balance sheets (temporary concept). The temporary concept also recognizedtimingadjustvaluationsappliesanticipatearise to quasi-permanent differences. Furthermore, under US GAAP deferred taxes are calculated for loss carryforwards and when we recognizedtimingadjustvaluationsappliesanticipatearise accounting and valuation. A valuation allowance is established when it is likely that the event for deferred tax assets will not recognizedtimingadjustvaluationsappliesanticipatearise .