Reflecting on the collapse of US car manufacturer General Motors, which is now 60% owned by the US Treasury, auditors and regulators say that 'fair value' is here to stay. Fair value, which has been scrutinised for contributing to the financial crisis, will be changed in some aspects but the standard is 'still intact'. Mike Starr, chief operating officer of Grant Thornton International, notes the damage the absence of fair value could represent: 'What we need is a greater transparency. Fair value is an example of transparency. Absent fair value accounting principles, companies will be able to hide, even unknowingly hide, losses that they have incurred,' he said. Following GM's demise, Starr says that bankruptcy cases are still yet to 'cascade', however, the global economy will not see them on the same scale of GM, reports Reuters . He added: 'We are seeing that in the US, subsequent to GM's bankruptcy, their suppliers are now filing for bankruptcy.' It is also expected that GM's bankruptcy has caused a 'subsequent' effect, which will hit the construction, oil and gas sectors. GM saw an end to its 101 year reign as an independent company in June when it filed for bankruptcy and became the third largest filing in US corporate history. The company had $53bn (£33bn) in assets against liabilities of $173bn. So far the US government has provided the car manufacturer with $30.1bn, which was on top of the $19.8bn it had already received.