Quantitative earnings and sales forecasts among Japanese companies commonly are
made in the form of press releases (a requirement of the Tokyo Stock Exchange) and
so are not reflected in Exhibit 13.14.
Exhibit 13.15 presents a summary of forward-looking disclosures of the six auto
companies. As shown in the exhibit, the types of forward-looking disclosure made,
and the kinds of report in which they appear, vary widely. Exhibit 13.16 presents ex-
cerpts of forward-looking information presented in Volkswagen’s 2001 Annual Re-
port. Exhibit 13.17 shows the highly detailed forward looking disclosures presented
in Toyota’s press release of unconsolidated half year results for the period ending
September 30, 2001.
13.9 CORPORATE GOVERNANCE DISCLOSURES. Here we discuss corporate dis-
closures relevant for evaluating critical aspects of a company’s governance. Recent
research claims that 35% of investor decisions are now based on nonfinancial indi-
cators,^33 and information about corporate governance practices is widely considered
to be useful for assessing corporate integrity. Many such disclosures are mandated by
securities regulators; in addition, more and more companies are voluntarily disclos-
ing corporate governance information.
13 • 26 CORPORATE FINANCIAL DISCLOSURE: A GLOBAL ASSESSMENTTHE FIAT GROUP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
at December 31, 2001, 2000 and 1999(ii) Stockholders’ equity
Note 24 At December 31, At December 31,
_Reference ___^2001 __^2001 __^2000
(in millions (in millions of euros)
of U.S.
Dollars)
(note 22)
Stockholders’ equity as reported in the
consolidated balance sheets.............................. 10,736 12,170 13,320
Items increasing (decreasing) stockholders’ equity:
Elimination of revaluation of fixed assets..................... (d) (284) (322) (375)
Reinstatement of goodwill previously written-off............... (e) 729 826 872
Difference in amortization period of Case goodwill............. (e) 85 96 37
Elimination of goodwill amortization....................... (e) 26 30 —
Accounting for Case acquisition........................... (g) (34) (39) (40)
Deferred revenue recognition............................. (h) (145) (164) —
Deferral of gain on real estate sale-leaseback transactions........ (i) (105) (119) (67)
Write-off of start up costs................................ (j) (158) (179) (127)
Adjustments to financial instruments........................ (k) (562) (637) (419)
Accounting for derivatives instruments and hedging
activities.......................................... (k) (187) (212) —
Difference in accounting for post-retirement benefits............ (m) 19 21 43
Accounting for pensions................................. (m) (98) (111) 92
Adjustments to restructuring provisions...................... (n) 261 296 452
Accounting for deferred income taxes....................... (o) (94) (107) (104)
Treasury stock recorded as an asset......................... (p) (249) (282) (50)
Other accounting differences............................. (q) (39) (44) ___(120)
Approximate stockholders’ equity in accordance
with U.S. GAAP, except as permitted by Item 18.............. __9,901 __11,223 __13,514
Exhibit 13.13. (continued)
(^33) The research was published by Ernst & Young Strategic Finance Group, as discussed in Christina
Buckingham (2001).