DETROIT — In the latest part of its rebuilding process, General Motors said this morning that it has finished fresh-start accounting. The automaker revealed it was filing its 2009 Form 10-Q and 2009 Form 10-K with the SEC today, as well.

"We are building the foundation that will allow us to return to public ownership," stated Chris Liddell, GM vice chairman and chief financial officer. "Completing fresh-start accounting is an important step in that process."

As part of the new company's emergence, it was required to implement fresh-start accounting to record the acquisition and establishment of the new GM, calculate the fair value of assets and liabilities and roll out new accounting policies, officials explained.

Offering a summary of GM's financial results during the period from July 10 through Dec. 31 under fresh-start accounting, the automaker said it recorded global revenue of $57.5 billion. The net loss attributed to stockholders was $4.3 billion, while the net cash provided by operating activities was $1 billion.

Executives pointed out that there was a pre-tax impact of a $2.6 billion settlement loss regarding the UAW retiree medical plan and a $1.3 billion foreign currency re-measurement loss included in the aforementioned net loss of $4.3 billion.

GM said going public will help it "invest in designing, building and selling the world's best vehicles," while also allowing the automaker to gather top-notch talent and access capital markets.

The automakers said that to go public, getting back to sustainable profitability is a core need.

"As the results for 2009 show there is still significant work to be done. However, I continue to believe we have a chance of achieving profitability in 2010," Liddell shared. 

"We are also dedicated to delivering on our commitments to our stakeholders," he added. "For example, we remain committed to repaying the outstanding balance of the U.S. Treasury and Export Development Canada loans by June 2010 at the latest."