Japan Oks Delayed Financial Reporting
Japanese financial authorities will allow companies to delay submitting mandatory reports if they cannot meet the deadlines due to the coronavirus outbreak in China.
Listed companies are required by law to submit quarterly earnings reports and other mandatory documents to the state on a regular basis.
A firm whose business year ends in March needs to submit by mid-February its earnings report for nine months through last December.
But the virus outbreak has prompted Japan's Financial Services Agency to make exceptions for affected businesses. Included are firms which have found it difficult to carry out auditing activities at their subsidiaries in China.
The Tokyo Stock Exchange also plans to allow affected companies to postpone the announcement of their yearly and quarterly earnings reports.
But TSE officials say they will ask the companies to disclose potential damage to their businesses from the outbreak, as that is important information for investors.
