Other notes to the Group’s Financial Statements 1–40

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20 Deferred tax assets and liabilities
Changes in deferred tax during the financial period 2017
EURm 1.1. Business acquisitions Recognised in comprehensive income statement Recognised in equity Exchange differences 31.12
Deferred tax assets
Tax losses carried forward 15 0 0 0 0 15
Employee benefits 28 0 -6 -1 -1 20
Other deductible temporary differences 13 2 -1 2 -1 15
Total 56 2 -7 1 -2 50
Netting of deferred taxes -32
Deferred tax assets in the balance sheet 18
Deferred tax liabilities
Depreciation differences and untaxed reserves 257 0 -58 0 -10 189
Changes in fair values 265 0 -3 11 -2 271
Other taxable temporary differences 33 197 -22 1 0 209
Total 555 197 -83 12 -12 670
Netting of deferred taxes -32
Total deferred tax liabilities in the balance sheet 638
Changes in deferred tax during the financial period 2016
EURm 1.1. Recognised in comprehensive income statement Recognised in equity Exchange differences 31.12
Deferred tax assets
Tax losses carried forward 15 0 0 0 15
Changes in fair values 35 -8 1 0 28
Other deductible temporary differences 19 -7 0 1 13
Total 68 -15 1 1 56
Netting of deferred taxes -28
Deferred tax assets in the balance sheet 27
Deferred tax liabilities
Depreciation differences and untaxed reserves 251 6 0 0 257
Changes in fair values 221 -2 48 -2 265
Other taxable temporary differences 28 4 1 0 33
Total 500 8 49 -2 555
Netting of deferred taxes -28
Total deferred tax liabilities in the balance sheet 527
In Sampo plc, EURm 27 of deferred tax asset has not been recognised on unused tax losses. The first losses will expire in 2019.

In life insurance, EURm 3 of deferred tax asset has not been recognised on unused tax losses.