Time code from CD - what's happening?

One of the features of the console that I find invaluable is the ability to play back time code and audio directly from the desk using the CD player.

When using CD based timecode on the console, the time code that is used on-screen appears as 30fps SMPTE if I remember correctly.

Could someone enlighten me as to what is happening with the time code in the console?

i.e. Is the CD's native time code being converted to SMPTE internally, are we just seeing a representation of the time code that we are familiar with, or is the time code from a CD exactly like SMPTE?