Toyota accounting errors cause $89m loss

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.