JVC 2000 Annual Report Download - page 37

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JVC 2000 35
To the Stockholders and the Board of Directors of Victor Company of Japan, Limited:
We have audited the accompanying consolidated balance sheets of Victor Company of Japan, Limited (a Japanese corpora-
tion) and subsidiaries as of March 31, 2000 and 1999 and the related consolidated statements of operations, stockholders’
equity and cash flows for each of the three years in the period ended March 31, 2000, expressed in Japanese yen. Our audits
were made in accordance with generally accepted auditing standards in Japan and, accordingly, included such tests of the
accounting records and such other auditing procedures as we considered necessary in the circumstances.
In our opinion, the consolidated financial statements referred to above present fairly the consolidated financial position of Victor
Company of Japan, Limited and subsidiaries as of March 31, 2000 and 1999 and the consolidated results of their operations
and their cash flows for each of the three years in the period ended March 31, 2000 in conformity with accounting principles
generally accepted in Japan applied on a consistent basis during the periods, except as noted in the following paragraph.
As explained in Note 2, in the year ended March 31, 2000, Victor Company of Japan, Limited and subsidiaries prospectively
adopted new Japanese accounting standards for consolidation accounting, income taxes and research and development
costs.
Also, in our opinion, the U.S. dollar amounts in the accompanying consolidated financial statements have been translated from
Japanese yen on the basis set forth in Note 1.
Tokyo, Japan
June 29, 2000
STATEMENT ON ACCOUNTING PRINCIPLES AND AUDITING STANDARD
This statement is to remind users that accounting principles and auditing standards and their application in practice may vary
among nations and therefore could affect, possibly materially, the reported financial position and results of operations. The
accompanying consolidated financial statements are prepared based on accounting principles generally accepted in Japan,
and the auditing standards and their application in practice are those generally accepted in Japan. Accordingly, the accompa-
nying consolidated financial statements and the auditors’ report presented above are for users familiar with Japanese account-
ing principles, auditing standards and their application in practice.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS