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GM's $39 billion loss further explained
GM's announcement of a $38.6 billion loss yesterday generated quite a bit of shock and many questions. The explanation of "accounting adjustments" didn't sit well with those of us who don't study tax laws for a living, so we decided to pull out our Rolodex and call up someone who could give us a quick lesson in accounting standards. Fortunately, we had the number for Manuel Johnson, former chairman of the Financial Accounting Standards Board (FASB). Mr. Johnson explained to us that U.S. tax law allows a corporation that suffers net losses to ... Read more →
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GM's $39 billion loss further explained 2 years ago on Autoblog
GM's announcement of a $38.6 billion loss yesterday generated quite a bit of shock and many questions. The explanation of "accounting adjustments" didn't sit well with those of us who don't study tax laws for a living, so we decided to pull out our Rolodex and call up someone who could give us a ...
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