Financial Accounting Blog

Wednesday, March 10, 2004 Reports that Goodyear Disciplines Managers in Europe

The tire maker also expects to restate its financials for the third time in six months, largely as a result of an understatement of four years of workers' compensation claims. The world's largest tire company also found added accounting problems in its U.S. operations that will probably result company's third restatement in six months. The company expects to adjust its operating earnings downward by $16 million over five years and a cut in shareholders' equity as of September 30, 2003, of about $23 million, according to a Goodyear release.