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Sony, Pioneer to postpone earnings report

Delay in annual earnings report blamed on the extra paperwork needed to comply with tougher U.S. accounting rules.

Sony and Pioneer said on Wednesday they would delay their annual earnings report by a few weeks as they grapple with the extra paperwork needed to comply with tougher U.S. accounting rules. This is the first business year that foreign companies will have to comply with the U.S. Sarbanes-Oxley Act of 2002, which calls for a number of changes in corporate governance and the way financial results are reported.

The Tokyo-based electronics and entertainment conglomerate said it would report its results for the year ending in March on May 16, instead of around the end of April. A spokeswoman said Sony might take the same amount of time again next year due to the amount of paperwork involved. Hitachi and NEC, listed on the Nasdaq, have also said they will postpone their results reports to some time in May.