Securities Report 3/12

Toyota Motor Corporation
24 June 2004


5.  The Context of Accounting
          
     1    Principle for the consolidated financial statements and the financial
          statements

          Toyota Motor Corporation prepares its consolidated financial 
          statements in accordance with the terminology, forms and preparation 
          methods required in issuing American Depositary Shares, that is 
          accounting principles generally accepted in the United States of 
          America, which is in compliance with article 87 the 'Regulations 
          Concerning the Terminology, Forms and Preparation Methods of 
          Consolidated Financial Statements' (1976 - the ministerial ordinance 
          of Ministry of Finance No. 28, 'Regulations Concerning the 
          Consolidated Financial Statements').

          The consolidated financial statements as of and for the year ended 
          March 31, 2003, have been prepared in accordance with the Regulations 
          Concerning the Consolidated Financial Statements before amendment.

          For the purposes of comparison of financial statements readers, all 
          the U.S. GAAP financial information (unaudited) as of and for the year 
          ended March 31, 2003 has been disclosed in '5. The Context of 
          Accounting 1 (Consolidated Financial Statements and Other Information) 
          (2) Other'.

          Amounts in the consolidated financial statements as of and for the 
          year ended March 31, 2003 are presented in millions of yen and amounts 
          presented in the consolidated financial statements as of and for the 
          year ended March 31, 2004, are rounded to the nearest million yen.
     
     2    Audit Certification

          In compliance with Article 193, paragraph 2 of the Securities and 
          Exchange Law, the accompanying consolidated financial statements as of 
          and for the years ended March 31, 2003 and 2004, respectively, have 
          been audited by ChuoAoyama PricewaterhouseCoopers in Japan.


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