Toshiba probing 10 new accounting issues

Toshiba Corp. uncovered 10 new cases of accounting problems, including at a US unit, prompting it to miss a regulator's deadline for submission of its fiscal 2014 earnings release.

The Japanese industrial group obtained permission from the securities regulator to postpone the report due Monday until September 7.

President Masashi Uromachi, who took charge after three of his predecessors left following a July third-party report on accounting practices at the company, said he may quit if the new deadline was missed.

The second delay of earnings, initially due in May, comes after internal and external probes of the Japanese industrial group's accounting led to the resignations and caused at least $1.2 billion in writedowns.

Toshiba said Monday it discovered irregularities in percent-of-completion accounting related to a US hydro-power unit's construction project.

"One week delay is not such a big deal, but that's another week of uncertainty," said Hideki Yasuda, an analyst at Ace Research Institute in Tokyo. "They need to report as soon as possible."