Sony Will Start Booking Units' Earnings At The Operating Level
July 17, 2008 at 5:30 AM (PT)
SONY CORP., the world's second- largest consumer-electronics maker, will book earnings from affiliates and units such as SONY ERICSSON MOBILE COMMUNICATIONS LTD. under operating profit from the first quarter ended JUNE 30th, reports BLOOMBERG.
The company reports under U.S. accounting rules, which generally don't allow units' earnings to be recorded at that level, SONY spokeswoman MAMI IMADA said TODAY by telephone. TOKYO-based SONY reached agreement with the U.S. Securities and Exchange Commission to permit the inclusion "to reflect our units' profits appropriately in group earnings," she said.
Earnings from SONY BMG, a venture with BERTELSMANN AG will also be included under the new method.