Deloitte Discloses Going Concern for GM

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CPA’s preparing financial statements are always confronted with the need to address an entity’s ability continue as a “going concern.”  We diligently complete a disclosure checklist which ensures that we are providing all of the disclosures necessary for the reader to have a complete understanding of the financial position of the company. 

During good times, this issue has been something that is easy to brush past, quickly looking at profitability and stockholder’s equity.  But, in a sign of the times, in their judgment, Deloitte & Touche this year has been required to include a disclosure of their concerns over GM’s ability to continue as a going concern.  It seems surreal to see the same disclosure we consider for our business clients being made on the financial statements of General Motors.

For the full story click here.

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