GM to restate 2001 earnings

Reuters reports that General Motors has filed a report with the Securities Exchange Commission yesterday that says it will restate its 2001 earnings for accounting errors that caused the company to overstate by $300 million to $400 million. According to the report, net figures from continuing operations were inflated 25 to 35 percent due to the errors, which came from GM recognizing supplier credits in the wrong fiscal year. The company may also restate years after 2001 that were affected by the errors.

By Erin Mays
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Reuters reports that General Motors has filed a report with the Securities Exchange Commission yesterday that says
it will restate its 2001 earnings for accounting errors that caused the company to overstate by $300 million to $400
million. According to the report, net figures from continuing operations were inflated 25 to 35 percent due to the
errors, which came from GM recognizing supplier credits in the wrong fiscal year. The company may also restate years
after 2001 that were affected by the errors.