Toshiba Weeks: Earnings Report and Japanese Manufacturer

toshiba weeks: Given the difficulties involving the chip unit sale and how little time is left to conclude the deal, which would then need to clear antitrust reviews by the relevant governments, Toshiba should prepare for an alternative scenario for its survival as a listed company, while doing all it can to wrap up the semiconductor unit sale in time. ; The struggling electronics and machinery group reported that it incurred 965.6 billion in net losses the largest ever for a Japanese manufacturer in the year that ended last March, suffering 552.9 billion in debts in excess of assets, according to The Japan Times. It took Toshiba weeks beyond the June 30 deadline to file the annual earnings report to the financial authorities and only with a qualified opinion by its auditor, Pricewaterhouse Coopers Aarata LLC. Toshiba management's difference with the auditor over the handling of the massive losses incurred by its nuclear power business in the United States the reason the release of the financial report was delayed was never resolved. A failure to do so would automatically result in the delisting of the once iconic Japanese manufacturing giant from the stock market. PwC Aarata suggested that either all or a significant portion of the 652 billion loss posted in the latest business year over Toshiba's U.S. nuclear unit Westinghouse Electric Co. should have been posted in the previous year which raises the question as to whether Toshiba, which insisted that it learned of the Westinghouse losses only last December, might have been keeping the losses under wraps. If the auditor had judged the Toshiba report to be inappropriate, the company could have faced an imminent risk of being delisted. The auditor also gave an adverse opinion on Toshiba's internal controls over the matter, but still issued a qualified approval of the report overall. (news.financializer.com). As reported in the news.