GM » Topics » Change in Presentation of Financial Statements

This excerpt taken from the GM 10-Q filed May 8, 2009.

Change in Presentation of Financial Statements

Due to the restructuring efforts associated with our Revised Viability Plan as previously discussed, the resulting focus on our core automotive business, and significant changes in our ownership interests in and ability to influence the operations of GMAC, our financial statements no longer present our FIO operations as a separate segment, which resulted in the following changes to the

 

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Table of Contents

GENERAL MOTORS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

 

condensed consolidated financial statements in the three months ended March 31, 2009: (1) Financial services and insurance revenue were reclassified to Other Revenue; (2) Financial services and insurance expense was reclassified to Other expenses; and (3) separate FIO balance sheet line items are no longer presented. Certain reclassifications were made to the comparable 2008 financial statements to conform to the current period presentation.

This excerpt taken from the GM 10-Q filed Nov 8, 2007.
Change in Presentation of Financial Statements
 
In 2007, we changed our income statement presentation to present costs and expenses of our FIO operations as a separate line. In so doing, we reclassified FIO’s portion of Selling, general and administrative expense and Interest expense to Financial services and insurance expense. Also, Automotive and other interest expense has been presented within non-operating income and expenses. Additionally, prior period results have been reclassified for the retroactive effect of discontinued operations. Refer to Note 3. Certain reclassifications have been made to the comparable 2006 restated financial information to conform to the current period presentation.
 
This excerpt taken from the GM 10-Q filed Aug 7, 2007.
Change in Presentation of Financial Statements
 
In 2007, GM changed its income statement presentation to present costs and expenses of its FIO operations as a separate line. In so doing, GM reclassified FIO’s portion of Selling, general, and administrative expense and Interest expense to Financial services and insurance expense. Also, Automotive and other interest expense has been presented within non-operating income and expenses. Additionally, prior period results have been reclassified for the retroactive effect of discontinued operations. Refer to Note 3. Certain reclassifications have been made to the comparable 2006 restated financial information to conform to the current period presentation.
 
This excerpt taken from the GM 10-Q filed May 8, 2007.
Change in Presentation of Financial Statements
 
For the three months ended March 31, 2007, GM changed its income statement presentation to present costs and expenses of its FIO operations as a separate line. In so doing, GM reclassified FIO’s portion of selling, general and administrative expenses and interest expense to the income statement caption “financial services and insurance expense”. Also, Automotive and other interest expense have been presented within non-operating income and expenses. Certain reclassifications have been made to the comparable 2006 restated financial information to conform to the current period presentation.
 
This excerpt taken from the GM 10-Q filed Nov 7, 2006.
Change in Presentation of Financial Statements
 
In periods presented prior to June 30, 2006, GM presented separate supplemental financial information for its reportable operating segments. GM’s pending sale of a controlling interest in GMAC has resulted in certain GMAC assets and liabilities being presented as held for sale for periods presented beginning June 30, 2006, therefore the supplemental statements were no longer meaningful.
 
Note 2.   Assets Held for Sale
 
This excerpt taken from the GM 10-Q filed Aug 8, 2006.
Change in Presentation of Financial Statements
 
In periods presented prior to June 30, 2006, GM presented separate supplemental financial information for its reportable operating segments. GM’s pending sale of a controlling interest in GMAC has resulted in certain GMAC assets and liabilities being presented as held for sale at June 30, 2006, therefore the supplemental statements were no longer meaningful.
 
Note 2.   Assets Held for Sale
 
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