Sour Grapes
Of course we're Fair and Balanced!


When does GM count its cars as being "sold"?

In recent discussions of General Motors' plan to shut down factories for up to nine weeks this summer, I heard that GM recognizes revenue when vehicles are manufactured, not when they're sold. If I heard correctly, this practice is in accord with reporting standards set by the Financial Accounting Standards Board (FASB), who proclaim´┐Żapparently on every page of their website´┐Żthat they are "serving the investing public through transparent information resulting from high-quality financial reporting standards, developed in an independent, private-sector, open due process."

I just have a couple of questions. The ability to report revenue in this way serves the investing public how? Do we need any more evidence that big business is vastly under-regulated?

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