Toshiba Delays Earnings Report Again… More Accounting Errors Found

Toshiba Accounting Scandal

Toshiba Corp has delayed its annual financial results again after revealing on Monday morning that it had found more accounting errors after disclosing a $1.2 billion book-keeping scandal.

The company was scheduled to post its annual fiscal 2015 earnings but says it has found issues with incorrect impairment charges on fixed assets at several subsidiaries and improperly timed booking of loss provisions at a U.S. subsidiary.

The company was supposed to announce its earnings three months ago but delays the event as private investigators examined the company’s books. The probe discovered an accounting scandal in which Toshiba over-reported its books by $1.2 billion over several years. That discovery forced the company’s CEO and several prominent executives to step down last month.

Toshiba said government regulators accepted its request for an extension. The company plans to submit its report by September 7.

“We deeply apologize for the situation we are in yet again, and for the inconvenience and concern we have caused to our stakeholders including shareholders and investors,” the company said in a statement.

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In early August the company said it would take a 127 billion yen ($1.05 billion) in impairment charges for the past financial year to reflect write-downs in its nuclear business as well as semiconductor and appliance units.

Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at PeterMondrose@BusinessPundit.com or (929) 265-0240.