Financial condition of Ford and GM
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Accessing the MD&A (Management's Discussion and Analysis of Financial Condition and Results of Operation) from the company's most recent Annual Report or Form 10-K, identify at least one accounting policy, standard, estimate, or pronouncement cited by the company as being particular importance, and explain how the company complies with it.
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Solution Summary
Entry into a Material Definitive Agreement, Costs Associated with Exit or Disposal is discussed and so are changes to by-laws of GM and Ford.
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Pronouncement cited by the company GM as important and how the company complies it: This material is taken from the website http://biz.yahoo.com" 2-Jun-2006
Form 8-K on 2-Jun-2006
Entry into a Material Definitive Agreement, Financial Statements and Exhibits
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
John M. Devine, Vice Chairman of General Motors Corporation (the "Corporation"), will retire effective June 1, 2006. On May 30, 2006, Mr. Devine and the Corporation entered into an agreement setting forth the terms of Mr. Devine's retirement arrangement pursuant to the terms of the Salaried Retirement Program (SRP) and the Supplemental Executive Retirement Plan (SERP). The agreement, which is attached hereto as Exhibit 99.1, provides the following material terms:
o Subject to plan terms, Mr. Devine will be entitled to retirement benefits under the SERP based on five years and six months of service as of June 1, 2006,
o He will continue to receive replacement pension benefits from the Corporation which make up for the loss of a previous employer's pension benefit,
o He will continue to receive Personal Umbrella Liability Insurance coverage in retirement at a level consistent with other retired GM executives,
o He will assume complete ownership of an existing Endorsement Split Dollar Life Insurance policy and GM will pay no further premiums on the policy,
o He also will be eligible to retain a pro-rata amount of his 2004-2006 and 2005-2007 Stock Performance Plan grants (based on GM stock performance and the number of ...
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