Earnings Report: Toshiba and Co .,

earnings report: The annual financial statement, which includes an earnings report, is required by law to be filed with an auditor's opinion within three months from the end of the fiscal year, according to The Japan Times. Toshiba's auditor has refused to sign off on the financial statement and earnings report as the two sides have been unable to agree on when Toshiba recognized its massive losses related to Westinghouse Electric Co., which filed for bankruptcy protection in March. The struggling Tokyo-based firm said it gained approval from the regulator, the Kanto Local Finance Bureau, to extend the new deadline to Aug 10. The company expresses its sincerest apologies to its shareholders, investors and all other stakeholders for any concerns or inconvenience caused, Toshiba said in a statement. We will fully cooperate with our independent auditor and will make our utmost efforts to submit the financial report, but the auditing process is expected to take some time, Tsunakawa told a news conference later in the day. Toshiba President Satoshi Tsunakawa said the Westinghouse's bankruptcy protection requires a special accounting procedure, which will continue by the end of July. (news.financializer.com). As reported in the news.