JVC 2001 Annual Report Download - page 43

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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 corporation) and subsidiaries
as of March 31, 2001 and 2000 and the related consolidated statements of operations, stockholders’ equity and cash flows for each of the
three years in the period ended March 31, 2001, 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, 2001 and 2000 and the consolidated results of their operations and their cash flows for each
of the three years in the period ended March 31, 2001 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, Victor Company of Japan, Limited and subsidiaries adopted, on a prospective basis in all cases, new Japanese
accounting standards for employees’ severance and retirement benefits, financial instruments and foreign currency translation effective April
1, 2000, and for consolidation, income taxes and research, development and other costs effective April 1, 1999.
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.
Asahi & Co
Tokyo, Japan
June 28, 2001
STATEMENT ON ACCOUNTING PRINCIPLES AND AUDITING STANDARDS
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 applica-
tion in practice are those generally accepted in Japan. Accordingly, the accompanying consolidated financial statements and the auditors’
report presented above are for users familiar with Japanese accounting principles, auditing standards and their application in practice.
Report of Independent Public Accountants
< 40 VICTOR COMPANY OF JAPAN, LIMITED 41 >