Toshiba 1997 Annual Report Download - page 47

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45.
REPORT OF INDEPENDENT ACCOUNTANTS
Yebisu Garden Place Tower
20-3, Ebisu 4-chome
Shibuya-ku, Tokyo 150
Price Waterhouse
June 6, 1997
To the Board of Directors of
Toshiba Corporation
We have audited the consolidated balance sheets of Toshiba Corporation and its subsidiaries as of March 31, 1997
and 1996, and the related consolidated statements of operations and retained earnings and of cash flows for the
years then ended, stated in yen. These financial statements are the responsibility of the Company’s management.
Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
The Company has not adopted Statement of Financial Accounting Standards (SFAS) No. 115, “Accounting for
Certain Investments in Debt and Equity Securities.” The effects on the consolidated financial statements of not
adopting SFAS No. 115 and the disclosures required by SFAS No. 115 are summarized in note 4 of notes to the
consolidated financial statements.
The Company has not presented segment information for the years ended March 31, 1997 and 1996. The
presentation of segment information concerning the Company’s operations in different industries, its foreign
operations and its export sales is required by accounting principles generally accepted in the United States of
America for a complete presentation of consolidated financial statements.
In our opinion, except for the effects of the departure from SFAS No. 115 and the omission of segment informa-
tion discussed in the third and fourth paragraphs of this report, the consolidated financial statements audited by us
present fairly, in all material respects, the financial position of Toshiba Corporation and its subsidiaries at March
31, 1997 and 1996, and the results of their operations and their cash flows for the years then ended in conformity
with accounting principles generally accepted in the United States of America.