Updated from 5:54 p.m. EST

General Motors ( GM) filed its delayed annual report Tuesday, along with restatements going back several years.

Meanwhile, GMAC, the automaker's financing arm, warned that its expected sale may not be completed after accounting errors were found in its recent cash flow statements.

Having delayed the filing of its 10-K for over a week due to accounting issues at ResCap, GMAC's residential mortgage division, GM said it concluded that cash flows related to certain mortgage activities weren't appropriately classified.

As a result, GM restated its financial statements from 2002 through 2004, and for the first three quarters of 2005. The changes reduced operating cash flows and increased investing cash flows in each respective period by the same amount. They didn't affect the automaker's income statements, balance sheets, or the net cash flows for any of the affected period. They also had no impact on GM's cash flows from automotive operations, the company said.

In its own annual report, GMAC said "we are uncertain at this time if any transaction" will occur for GMAC or any of its subsidiaries. GM has been trying to unload the finance business, long its only profitable unit, as an attempt to free it from the parent's bad debt ratings.

"Even if a third party acquires a controlling interest in us, or if a transaction is completed with respect to ResCap, there is the possibility that these initiatives will not restore our credit rating or maintain ResCap's credit rating at investment grade," GMAC noted in its filing.

GMAC said it will have to restate past earnings. It didn't provide the restated number, but it said problems were uncovered with its cash outflows related to certain mortgage loan originations and purchases at ResCap that weren't appropriately classified as either operating cash flows or investing cash flows. As a result, its financial statements from periods in 2005, 2004 and 2003 should no longer be relied upon.

"This looks like a housekeeping item," says Burnham Securities analyst David Healy, who owns GMAC notes. "They did a minor reclassification of the cash flow statement. They basically took an item from one box and put it in the other box, leaving the bottom line exactly the same. There was no effect on cash, no effect on earnings at either GM or GMAC."

Earlier this month, GM widened its reported loss for 2005 by roughly $2 billion after adjusting some previously reported charges. Its reported loss for the year was moved to $18.69 a share from its prior announcement of $15.13.

The automaker disclosed last fall that its accounting methods were under investigation by federal regulators.

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