NEW YORK (CNNMoney.com) - General Motors Corp. is working to correct accounting errors related to its residential-mortgage division, and may file its annual report within the week, according to a article published Monday

Citing sources familiar with the situation, the Wall Street Journal reported that the automaker has been working to file its annual report with the Securities and Exchange Commission after missing its 10-K filing deadline on March 16.

"The priority right now is to complete the review and correct the financial statements so that we can file them," a GM spokesperson told the paper.

The delay stems from accounting errors in ResCap, the residential mortgage division of GMAC, that were discovered just before GM (Research) planned to file its results, the Journal reported.

The automaker and CEO Rick Wagoner have been under pressure to file by Friday or risk violating bond agreements, according to the paper.

The deadline comes as the automaker discusses the potential sale of its finance unit GMAC, which could net GM as much as $13 billion, although the ResCap error does not appear to have threatened GMAC talks, according to the paper.

General Motors' board members are scheduled to meet early this week to discuss the GMAC situation, sources familiar with the company told the Journal, while a decision about the sale could come within a few days.

Cerberus Capital Management and a private equity unit of Citigroup (Research) are both considered leading bidders for GMAC, Reuters reported previously.

A group of investors led by Kohlberg Kravis Roberts & Co. reportedly submitted a nonbinding bid of $12.5 billion to $13 billion for the financing arm, the Journal reported. Last week, a group headed by KKR purchased 78% of GMAC's commercial mortgage division. That deal was valued at $9 billion.

The finance unit is by far the most profitable operation at General Motors, producing net income of $2.8 billion in 2005, while GM as a whole reported a $10.6 billion loss.

Last Thursday, General Motors completed the sale of a majority stake in the commercial mortgage division of GMAC, receiving $9 billion in cash from the transaction.

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