http://www.cimaglobal.com/cps/rde/xchg/live/root.xsl/1630_11502.htm?categoryname=Financial%20Reporting&itemid=18082635
Sony delays earnings report due Sarbanes-Oxley...
8 March 2007
Electronics giant Sony has announced that it is to delay its full-year earnings report by approximately three weeks.
The company had been due to release the figures by the end of April, but has pushed the release date back to May 16th.
Tougher accounting rules since the Sarbanes-Oxley Act came into force are the cause of the delay, Sony claims.
Sony spokesperson Mami Imada said: "We have a lot more paperwork to do in order to deal with the rules."
As well as regulating US companies, Sarbanes-Oxley is also relevant to foreign companies which are listed in the US.
Another Japanese electronics company, Pioneer, has cited the same reason for the delay of its earnings release.
US congress introduced Sarbanes-Oxley in the wake of the WorldCom and Enron fiascos, however some have said that the increased bureaucracy involved is simply driving business across the Atlantic.
>>> Here it is. Sounds like a good reason.
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