Japan to allow companies to extend deadline for submission of financial reports

Tokyo

Japan will allow companies to extend the deadline for submission of securities and financial reports until the end of September, amid difficulty closing their books for the year ended March 31 due to the coronavirus pandemic, Finance Minister Taro Aso said.

Also told reporters after a cabinet meeting on Tuesday that the government would revise the Cabinet Office regulation that requires Japanese firms to submit securities and financial reports based on Financial Instruments and Exchange Act, Reuters reports.

“Since the state of emergency was issued on April 7, it has become extremely difficult for many companies to proceed with settlement and auditing,” Aso said.

“We must ensure that companies and audit firms have enough time to carry out settlement and auditing.”

In Japan, listed firms are required to submit securities reports within three months of the financial year-end.

Many Japanese firms settle their accounts in March, leading to a jump in financial report submissions in June.