Finance Bureau: Toshiba and Business Year

finance bureau: Although auditor Pricewaterhouse Coopers Aarata LLC signed off on the report, it also issued an adverse opinion on Toshiba's internal controls and suggested the 652 billion loss related to Westinghouse, which Toshiba posted in the 2016 business year, ought to have been posted in 2015, according to The Japan Times. Toshiba tried to put a positive spin on the filing, saying that making the deadline was a step forward. But other delisting scenarios still loom for the Tokyo-based conglomerate, which must eliminate its massive negative net worth by end of March. ; Normally, companies with an April-March business year must file their annual reports with the Kanto Local Finance Bureau by June 30, but Toshiba postponed submission because its auditor needed more time to scrutinize figures related to Toshiba's troubled U.S. nuclear unit Westinghouse Electric Co. I think one of our management issues has been solved, Toshiba President Satoshi Tsunakawa said at a news conference at Toshiba headquarters in Tokyo. Westinghouse has been off of our consolidated accounts, so we don't have that problem anymore, he said. Asked whether Toshiba's internal controls were really working, Tsunakawa said the only issue identified by the auditor was related to the U.S. nuclear unit. (news.financializer.com). As reported in the news.