PracticeAuditGM takes $39bn charge over tax assets

GM takes $39bn charge over tax assets

Automaker says mammoth third qurarter charge will not impact on operations in US, Germany and Canada

General Motors has announced a $39bn charge in its third quarter results to
remove net deferred tax assets from its books.

The Detroit-based company said that the charge, which affects the automaker’s
businesses in the US, Germany and Canada, would not impact operations or
restructuring.

The hit on the books is the largest at GM so far, which has encountered a
string of accounting irregularities since 2005.

GM’s third quarter results, which are set to be reported today, are likely to
show significant red ink, the
New
York Times
reported.

Further reading:

GM
takes $39-billion hit

Ineffective internal controls hurting GM

General Motors asks for more time on annual report

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