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– Release Delayed ·As Of Filer Filing For·On·As Docs:Size Issuer Agent 4/11/08 Lithia Motors Inc 10-K¶ 12/31/07 14:2.2M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: 10-K Annual Report HTML 1.27M 14: COVER ¶ Comment-Response or Cover Letter to the SEC HTML 5K 3: EX-10.16 2007 Board of Directors' Compensation Package HTML 7K 4: EX-10.18 Loan Agreement and Amendments HTML 563K 5: EX-10.19 Split Dollar Agreement HTML 32K 6: EX-10.20 Split Dollar Insurance Agreement HTML 23K 2: EX-10.8 Summary 2007 Discretionary Support Services Bonus HTML 15K Program 8: EX-21 Subsidiaries of Lithia Motors, Inc. HTML 65K 9: EX-23 Consent of Kpmg, LLP HTML 11K 7: EX-18 Letter re: Change in Accounting Principles HTML 11K 10: EX-31.1 Certification of Chief Executive Officer HTML 15K 11: EX-31.2 Certification of Chief Financial Officer HTML 15K 12: EX-32.1 Section 1350 Certification of Chief Executive HTML 9K Officer 13: EX-32.2 Section 1350 Certification of Chief Financial HTML 9K Officer
Letter re Change in Accounting Principles |
EXHIBIT 18
The Board of Directors and Shareholders
Lithia Motors, Inc. and Subsidiaries:
We have audited the consolidated balance sheets of Lithia Motors, Inc. and subsidiaries as of December 31, 2007 and 2006, and the related consolidated statements of operations, changes in stockholders’ equity and comprehensive income, and cash flows for each of the years in the three-year period ended December 31, 2007, and have reported thereon under date of April 10, 2008. The aforementioned consolidated financial statements and our audit report thereon are included in the Company’s annual report on Form 10-K for the year ended December 31, 2007.
As stated in Note 1 to those consolidated financial statements, the Company changed its method of applying Statement of Financial Accounting Standards (“SFAS”) No. 142, Goodwill and Other Intangible Assets, such that the annual impairment testing date relating to goodwill was changed from December 31 to October 1 and states that the newly adopted accounting principle is preferable in the circumstances because it provides the Company with additional time prior to year-end of December 31 to complete the impairment testing and report the results of those tests in the Company’s annual report with the Securities and Exchange Commission on Form 10-K. In accordance with your request, we have reviewed and discussed with Company officials the circumstances and business judgment and planning upon which the decision to make this change in the method of accounting was based.
With regard to the aforementioned accounting change, authoritative criteria have not been established for evaluating the preferability of one acceptable method of accounting over another acceptable method. However, for purposes of the Company’s compliance with the requirements of the Securities and Exchange Commission, we are furnishing this letter.
Based on our review and discussion, with reliance on management’s business judgment and planning, we concur that the newly adopted method of accounting is preferable in the Company’s circumstances.
Very truly yours, |
/s/ KPMG LLP |
Portland, Oregon |
This ‘10-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed as of: | 4/11/08 | 8-K | ||
Filed on: | 4/10/08 | |||
For Period End: | 12/31/07 | NT 10-K | ||
12/31/06 | 10-K, 5 | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 1/26/09 SEC UPLOAD¶ 9/24/17 1:40K Lithia Motors Inc. 9/26/08 SEC UPLOAD¶ 9/24/17 1:79K Lithia Motors Inc. |