Toshiba Given More Time to Post Results

Toshiba has been granted a second extension to the deadline for submitting its annual results, to 7th September. The company was originally legally required to submit its results by 30th June but following the discovery of accounting malpractices earlier this year, Toshiba was given until 31st August to comply.

In a statement, the company said that it has discovered further accounting errors, in addition to the findings of the investigations concluded in July. Toshiba said that the newly discovered problems included incorrect impairment charges on fixed assets at several subsidiaries and improperly timed booking of loss provisions at a US subsidiary.

Last month Toshiba said it will record a net loss for last year but is yet to determine the extent of the loss (Accounting Malpractice Leads to Net Loss for Toshiba). The discovery of financial inconsistencies has already led to the resignation of the company’s CEO (Toshiba CEO Resigns Over Accounting Scandal). The company’s new CEO, Masashi Muromachi, said Toshiba should be able to meet the new deadline for closing its books but that if not he would “consider taking responsibility, including resignation, if needed”.