IIS Log - 'Time Taken' value

Hi,
I have tested the same page from 2 machines, one machine with a Lan
connection (100Mb) and one machine with a slow ADSL connection (150Kb)
I was expecting to get the same 'Time Taken' values for both tested
machines, but I found out that the 'Time Taken' value is much much faster on
the Lan machine requests.

Is the 'Time Taken' value refers to the period of time that it took to the
IIS until sending the last byte, and thus the slower ADSL connection will
affect the "Time Taken' value on the IIS?

Thanks,
Shif