Toyo Tire & Rubber Co. Ltd. is changing its accounting period from a fiscal year ending March 31 to a fiscal year ending Dec. 31.
The change will require a partial amendment to the company's Articles of Incorporation, which must be approved at the 96th Annual General Meeting of Shareholders. The general meeting is scheduled for late June 2012.
Toyo's board of directors said that by conforming the company's accounting period with its overseas consolidated subsidiaries, the company intends to:
1. enhance the timely and accurate disclosure of corporate information, and improve the efficiency of its business operations, including the budgetary process and performance management methods; and
2. prepare for possible new International Financial Reporting Standards (IFRS) requirements that may necessitate synchronization of the accounting periods among consolidated companies.
As a result of the change, Toyo's 2012 fiscal year will span a nine-month period from April 1, 2012, to Dec. 31, 2012. The same change will be made to those consolidated subsidiaries which currently have a closing date that is other than Dec. 31.
Yokohama Rubber Co. Ltd. changed its accounting period to the more traditional fiscal year in 2011.
