The Electrolux Group (hereafter €˜Electrolux€™) is a producer of home appliances and appliances for professional use, selling more than 40 million products to customers in 150 countries. The company€™s operations are divided into Consumer Durables and Professional Products. Products for consumers comprise major appliances, such as refrigerators, freezers, cooking ranges, tops and stoves, clothes dryers, washing machines, dishwashers, room air-conditioners and microwave ovens, as well as floor care products. The financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS). From the consolidated balance sheet (Annual reports 2011 and 2010), we extracted the following data (amounts in millions of Swedish Krona, SEK):

The Notes to financial statements provide, inter alia, the following information on €˜Other liabilities€™.

Other accrued expenses include accruals for fees, advertising and sales promotion, bonuses, extended warranty, and other items. Other operating liabilities include VAT and other items.
Required
1 Verify that what is detailed in the Notes is coherent with the balance sheet, i.e., crosscheck or €˜reconcile€™
2 Identify the principle(s) behind the first three items of €˜other liabilities€™ and illustrate your explanation showing the impact on the financial statements of the adjusting entries that have probably been recorded for each of these three items at the end of 2011.
3 What is the conceptual difference, if any, between these three items and the line €˜prepaid income€™?

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31-Dec-11 31-Dec-10 31-Dec-09 EQUITY AND LIABILITIES Current liabilities Accounts payabe Tax iabilities Other liabilities Short-term borrowings 18,490 1,717 10,497 4,170 17283 1868 10,907 3,139 16,031 2,367 11,235 2365 37563 2217 35897 1,830 35,178 Accrued expenses and prepaid noome Note 24 Other Liabilities (in SEKm) 31 December 2010 2011 2009 Accrued holday pay Other accrued payrol costs Accrued nterest expenses Prepaid noome Other accrued expenses Othar operating liabilities 796 974 83 363 5288 2993 10497 812 1390 68 286 5,385 2,966 10,907 884 1,697 74 260 5,860 2,460 11,235