Goodyear to Resolve Accounting Issue
Goodyear is to resolve some of its financial issues by working with South Pacific Tyres Australia to reach an agreement on how to account for $8 million through a supply deal between both companies.
According to news source Forbes, the tyre manufacturer is attempting to have this supply deal aligned under US accounting principles. The financial statements for South Pacific Tyres are prepared under Australian accounting principles, and then adjusted for use in the United States. These disclosures are required before Goodyear can file its amended annual report for 2003 with the Securities and Exchange Commission.