UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 9, 2005
GENERAL MOTORS CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
STATE OF DELAWARE 1-143 38-0572515
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(State or other jurisdiction of (Commission (I.R.S. Employer
Incorporation or Organization) File Number) Identification No.)
300 Renaissance Center, Detroit, Michigan 48265-3000
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (313) 556-5000
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 4.02. NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIAL STATEMENTS
GM has been conducting an internal review of credits received from suppliers and
the appropriateness of its accounting treatment for them during the years
2000-2005. This issue is one of the matters that is also being investigated by
the SEC as previously reported by GM.
The review of supplier credits is ongoing and GM has not reached final
conclusions about this matter. However, the review to date indicates that GM
erroneously recognized some supplier credits as income in the year in which they
were received rather than in the future periods to which they were attributable.
Based on the information to date, GM currently estimates that its net income
from continuing operations for 2001 was overstated by approximately $300 million
to $400 million (or about 25% to 35%) due to this error. Accordingly, although
the final restatement amounts have not yet been determined, GM has determined to
restate its financial statements for 2001, and the restatement is expected to
be material to the financial statements previously reported for that year. GM
will also restate financial statements for periods subsequent to 2001 that may
be affected by the erroneous accounting. However, the effect of any such
restatement in subsequent periods is expected to be immaterial to those
financial statements.
GM anticipates that it will complete the review referred to above and take any
appropriate action to correct previously reported financial statements prior to
the filing of its annual report on Form 10-K for 2005. On November 8, 2005, the
Audit Committee of the Board of Directors concluded that, due to the likelihood
of a material restatement of GM's financial statements with respect to 2001,
investors should no longer rely on GM's previously filed financial statements
for that year, nor the related auditors'reports thereon.
The Audit Committee of the Board of Directors of GM has discussed this matter
with its independent registered public accounting firm, Deloitte & Touche LLP.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL MOTORS CORPORATION
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(Registrant)
Date: November 9, 2005 By: /s/PETER R. BIBLE
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(Peter R. Bible,
Chief Accounting Officer)