UPDATE 1-GM to detail balance of post-bankruptcy account

*GM to provide detail on how it has used cash in escrow

*GM has not used cash for operating shortfalls-source

DETROIT, Oct 28 (Reuters) - General Motors Co [GM.UL] will provide details this week on how it has used the cash left over from its U.S.-government funded bankruptcy, a person with direct knowledge of the plans said on Wednesday.

GM, which exited bankruptcy in July in a deal brokered by the Obama administration, is now more than 60 percent owned by the U.S. Treasury.

Treasury provided about $50 billion in financing for GM's restructuring and transferred about $20 billion of that total to an escrow account when the new GM emerged from bankruptcy.

In a filing planned with the U.S. Securities and Exchange Commission, GM will detail how it has used that cash balance since July, said the person, who was not authorized to discuss the filing in advance.

GM has said it could launch an initial public offering of its shares as early as 2010 to begin paying back the funding it took from the U.S. government.

The GM filing will also show the remaining cash balance in the escrow account, the person familiar with the automaker's plans said.

GM, which slashed debt and costs in its fast-track bankruptcy, has not had to use any of the government reserve cash to cover operating expenses.

GM Chief Executive Fritz Henderson has said that the automaker plans to release results for the third quarter sometime in November as it works to win back investor interest and trust.

GM, which filed for bankruptcy on June 1, has lost more than $80 billion and burned through more than $40 billion in the past four years. (Editing by Maureen Bavdek)