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Toyota U.S. Unit Finds Accounting Errors

Timing of revenue and expense recognition is the matter at issue.

> > Toyota explained that it uses derivative contracts to hedge foreign currency exposure on foreign-denominated notes and loans payable and to hedge its interest-rate exposure; the company stressed that it does not use derivatives for trading purposes. It added that the errors were discovered during a regular review of its accounting policies. Toyota has not determined whether it will need to restate its financial results.
Source: CFO


Published:2005-02-04
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