The General Motors Corp. has announced that that its 2001 income figures by a possible US$400 million. The misstatement was discovered whilst the company reviewed transactions from suppliers and found supplier credit was claimed too early. GM also said that the US Securities and Exchange Commission is investigating the issue, as well as the company's investigation. GM spokesperson Toni Simonetti said: "The income still exists. It just shouldn't have been booked in all of 2001." GM was subpoenaed by the SEC multiple times last month because of doubts concerning the company's transactions and accounting practices. Source:
http://www.detnews.com
