On Tuesday, in a statement Japan’s Finance Minister Taro Aso stated, Tokyo has decided that it will allow companies to extend the deadline for submission of securities and financial reports until the end of September.
The decision comes midst difficulties in closing the books of accounts for the year ended March 31 due to the coronavirus pandemic.
The decision to do so was taken after a cabinet meeting on Tuesday which saw the government decide that the Cabinet Office regulation that requires Japanese firms to submit securities and financial reports based on Financial Instruments and Exchange Act be postponed to September 30, 2020.
“Since the state of emergency was issued on April 7, it has become extremely difficult for many companies to proceed with settlement and auditing,” said Aso. “We must ensure that companies and audit firms have enough time to carry out settlement and auditing.”
Japan’s company laws require listed companies to submit securities reports within three months of the end of the financial year.