Recognition of Construction Revenue Over Time Following Adoption of the Revenue Recognition Accounting Standard
First written in FY2023-Q1. 2 of 4 entries say "Advanced", first in FY2023-Q2. Latest entry: FY2024.
91 other companies' latest entry also says "Restated".
- FY2024RestatedAnnual report
「The principal performance obligations for interior construction and acoustic and lighting equipment are to perform the construction work, complete the deliverables and deliver them to customers. The Company determines that these transactions satisfy the performance obligation over a period of time based on progress in the construction work, and recognizes revenue over that period based on progress toward satisfaction of the performance obligation.」
The Company continued throughout the fiscal year to recognize revenue over time based on construction progress under the revenue recognition standard. - FY2023-Q3AdvancedAnnual report
「As a result, revenue for the nine months ended the third quarter increased by ¥475.195 million, cost of sales increased by ¥413.082 million, and operating profit, ordinary profit and profit before income taxes increased by ¥62.113 million each.」
For the revenue recognition standard applied from the first quarter, the Company disclosed an impact of ¥475.195 million on revenue and ¥62.113 million on operating profit and other relevant figures for the nine months ended the third quarter, and continued to recognize revenue over time. - FY2023-Q2AdvancedAnnual report
「As a result, revenue for the six months ended the second quarter increased by ¥298.580 million, cost of sales increased by ¥251.805 million, and operating profit, ordinary profit and profit before income taxes increased by ¥46.775 million each.」
For the revenue recognition standard applied from the first quarter, the Company disclosed the quantitative impact on revenue, cost of sales and each profit measure for the six months ended the second quarter. The practice of recognizing construction revenue over time based on progress has continued. - FY2023-Q1First statedAnnual report
「From the first quarter of the current consolidated fiscal year, for performance obligations satisfied over a period of time, the Company has changed to a method of estimating the progress toward satisfaction of the performance obligation and recognizing revenue over that period based on the progress achieved.」
The Company applied the revenue recognition standards and related guidance from 1 March 2022 and changed its accounting policy for construction contracts to recognize revenue over time using an input method based on the ratio of actual costs to estimated total costs. In the first quarter, revenue increased by ¥98.973 million and operating profit and other relevant figures increased by ¥14.294 million.