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23 Jul 2008
Toyota has suffered an $89m (£44.6m) writedown after serious accounting issues were uncovered at its US credit arm.
Toyota Motor Credit reported errors in its debt and derivatives accounting spanning the last three years were responsible for the restatement, Bloomberg reported.
In an SEC filing, the US division said there was a material weakness in its internal controls on processes used to record its debt and interest expenses and is now installing a new accounting system.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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