GM will delay results, restate back to 2002

SOUTHFIELD, Mich. -- General Motors Corp., the world's largest automaker, said it will delay fourth-quarter and 2006 results because it has to restate earlier financial reports.

The restatements involve deferred-tax liabilities, hedging, and other items and will be for 2002 through the third quarter of 2006, the Detroit-based automaker said yesterday. GM said it's also waiting on information from its former finance unit. The fourth-quarter results had been slated for Jan. 30, and the company said it will update its plans the week of Feb. 5.

GM said the revisions for hedging "could be material," without giving details. Errors in deferred tax liabilities caused retained earnings as of Dec. 31, 2001, and for later periods to be understated by $450 million to $600 million, the company said.

The accounting problems come after the automaker restated results back to 2000 last year. Only one in the past eight quarters hasn't been restated. GM said in June that it would combine the controller and chief accounting officer jobs to improve accounting oversight.