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Coronavirus

Japan to extend securities report submission deadline amid coronavirus

Finance minister says companies and audit firms must be 'able to secure sufficient time'

Japan's Financial Instruments and Exchange Act states that companies must submit their securities report within three months of closing day.

TOKYO -- Finance Minister Taro Aso announced on Tuesday that the submission deadline for corporate securities reports will be extended to the end of September in a bid to alleviate the burden on companies as the government's coronavirus emergency declaration impacts their business.

The Financial Instruments and Exchange Act states that companies must submit their periodical financial statement report -- which includes a wide range of detailed corporate financial information including earnings -- within three months of the relevant period's closing day. Most Japanese companies settle their accounts at the end of March -- the close of the fiscal year -- meaning that the handing in of reports tends to be concentrated in June.

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