NOVA Chemicals: Alberta Advantage, Record Polyethylene Sales Drive . (22º)

Excellent Operating Results 24/04/2008 12:00:00 Business Wire US74955F1066 likely than not to be sustained upon examination, based solely on the technical merits of the position.
NOVA Chemicals adopted the provisions of FIN 48 on Jan.
1, 2007 at which time a FIN 48 liability of $36 million was recognized by reclassifying $34 million out of deferred tax liability and $4 million from the current tax liability.
This resulted in a $6 million increase in the liability for unrecognized tax benefits, and was accounted for as a reduction to the Jan.
1, 2007 U.S.
GAAP balance in reinvested earnings.
During the three months ended Mar.
31, 2007 no further changes to the FIN 48 liability were necessary and during the three months ended Dec.
31, 2007 these differences reversed and resulted in a $6 million decrease in tax expense for U.S GAAP purposes.


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