8-K/AFinancial Events

AMERICAN INTERNATIONAL GROUP, INC. 8-K/A Report, Financial Restatement (Jun 19, 2006)

Filed June 19, 2006For Securities:AIG

Summary

This 8-K/A filing from AMERICAN INTERNATIONAL GROUP, INC. (AIG) supplements a previous report dated November 9, 2005, regarding the non-reliance on previously issued financial statements. The company is disclosing additional errors identified, primarily related to internal controls over the reconciliation of certain balance sheet accounts within its Domestic Brokerage Group. These errors necessitate further adjustments to previously issued financial statements.

Key Highlights

  • 1AIG is filing an amendment (8-K/A) to a prior Current Report (8-K dated November 9, 2005).
  • 2The amendment addresses the non-reliance on previously issued financial statements and related audit reports.
  • 3Additional errors have been identified, stemming from weaknesses in internal controls over financial reporting, specifically concerning balance sheet account reconciliations in the Domestic Brokerage Group.
  • 4AIG determined on March 9, 2006, that further adjustments are required for restated financial statements.
  • 5The restatements will affect the years ended December 31, 2004, 2003, and 2002, as well as selected financial data for 2001 and 2000, and quarterly information for 2004 and the first three quarters of 2005.
  • 6Detailed descriptions of these 'Additional Adjustments' are available in AIG's Annual Report on Form 10-K/A filed on March 16, 2006.

Frequently Asked Questions

This filing is an amendment to a previous 8-K report, providing updated information about the company's decision to restate its financial statements due to identified accounting errors and related internal control weaknesses.

The newly identified errors are principally related to internal controls over the reconciliation of certain balance sheet accounts within AIG's Domestic Brokerage Group.

The restated financial statements will include adjustments for the years ended December 31, 2004, 2003, and 2002. Additionally, selected consolidated financial data for 2001 and 2000, and quarterly financial information for 2004 and the first three quarters of 2005 will be affected.

More detailed information regarding the 'Additional Adjustments' is provided in AIG's Annual Report on Form 10-K/A for the year ended December 31, 2004, which was filed with the SEC on March 16, 2006.