Statements of Accumulated Other  Comprehensive Loss Reconciliation of Total Shareholders’ Equity (c) Gains or Losses on Investments allowances. United States regulators have interpreted this to be a difference between Canadian and United States GAAP. Under United States GAAP, an addi- tional minimum liability is recorded for the excess of the unfunded accumulated benefit obligation over the recorded pension benefit liability. An offsetting intan- gible asset equal to the unrecognized prior service costs is recorded. Any difference is recorded as a reduc- tion in accumulated other comprehensive income. The accumulated benefit obligation at December 31, 2004 was $13.1 billion. Under Canadian GAAP and United States GAAP, gains or losses on investments are calculated in a simi- lar manner. Differences in Canadian GAAP and United States GAAP, however, may cause the underlying  carrying value of the investment to be different. This will cause the resulting gain or loss to be different. (d) Equity Income Description of United States GAAP Adjustments (a) Deferred Costs Under Canadian GAAP, we account for our joint  venture investment in CGI using the proportionate consolidation method. Effective July 2003, as a result of the new agreement with CGI, we present CGI as an equity investment under United States GAAP. There is no impact on net earnings. Our proportionate share of CGI’s operating results for the 12 months ended December 31, 2004 and six months ended December 31, 2003 were: • operating revenues of $1,019 million and $422 mil- lion for the periods in 2004 and 2003, which includes $164 million and $74 million with subsidiaries of  BCE Inc. • operating expenses of $873 million and $356 million for the periods in 2004 and 2003, which includes  $30 million and $14 million for subsidiaries of BCE Inc. • amortization expense of $52 million and $21 million for the periods in 2004 and 2003 • interest expense of $6 million and $3 million for the periods in 2004 and 2003 • other income of $4 million and other expense of  $1 million for the periods in 2004 and 2003 • income tax expense of $33 million and $17 million for the periods in 2004 and 2003 • discontinued operations of $3 million and nil for the periods in 2004 and 2003. (b) Employee Future Benefits The accounting for future benefits for employees under Canadian GAAP and United States GAAP is essentially the same, except for the recognition of cer- tain unrealized gains and losses.  Canadian GAAP requires companies to recognize a pension valuation allowance for any excess of the accrued benefit asset over the expected future benefit. Changes in the pension valuation allowance are recognized in the consolidated statement of operations. United States GAAP does not specifically address pension valuation Bell Canada Enterprises  2004 Annual Report 119 Under Canadian GAAP, certain expenses can be deferred and amortized if they meet certain criteria. Under United States GAAP, these costs are expensed as incurred. 2004 2003 2002 Canadian GAAP 14,032 13,573 12,608 Adjustments Deferred costs  (a) (67) (77) (78) Employee future benefits  (b) (543) (260) 17 Gain on disposal of  investments and on  reduction of ownership  in subsidiary companies  (c) 163 163 163 Other 114 132 172 Tax effect of the  above adjustments  (e) 81 (16) (124) Non-controlling interest effect  of the above adjustments  (f) 95 55 47 Discontinued operations  (g) – (58) (58) Unrealized gain (loss)  on investments  (h) 4 16 (1) United States GAAP 13,879 13,528 12,746 2004 2003 2002 Currency translation adjustment (56) (46) 10 Unrealized gain (loss)  on investments  (h) 4 16 (1) Additional minimum liability  for pensions  (b) (193) (121) (81) Accumulated other  comprehensive loss (245) (151) (72)