BusinessCompany NewsToyota accounting errors cause $89m loss

Toyota accounting errors cause $89m loss

Car giant says that mistakes made by its US credit division will see the company take a sizeable impairment

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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