Adoption of the Revenue Recognition Standard
First written in FY2022-Q1. 3 of 4 entries say "Advanced", first in FY2022-Q2. Latest entry: FY2022.
15 other companies' latest entry also says "Advanced".
- FY2022AdvancedAnnual report
「As a result, for the current consolidated fiscal year, net sales decreased by ¥253.824 million and selling, general and administrative expenses decreased by ¥326.037 million, while operating income, ordinary income and profit before income taxes increased by ¥72.212 million each. At the beginning of the fiscal year, deferred tax assets increased by ¥148.132 million and advances received on uncompleted construction contracts increased by ¥2,082.029 million, while retained earnings decreased by ¥1,933.897 million.」
The Company disclosed the finalized full-year impact of applying the revenue recognition standard on net sales, selling, general and administrative expenses, profit and retained earnings at the beginning of the fiscal year. - FY2022-Q3AdvancedAnnual report
「As a result, for the cumulative third quarter of the current consolidated fiscal year, net sales decreased by ¥162.762 million and selling, general and administrative expenses decreased by ¥205.209 million, while operating income, ordinary income and profit before income taxes increased by ¥42.446 million each. At the beginning of the fiscal year, deferred tax assets increased by ¥148.132 million and advances received on uncompleted construction contracts increased by ¥2,082.029 million, while retained earnings decreased by ¥1,933.897 million.」
The Company disclosed the impact of the revenue recognition standard on the cumulative third-quarter results, updating the specific effects on net sales, selling, general and administrative expenses, and profit. - FY2022-Q2AdvancedAnnual report
「As a result, for the cumulative second quarter of the current consolidated fiscal year, net sales decreased by ¥145.756 million and selling, general and administrative expenses decreased by ¥174.126 million, while operating income, ordinary income and profit before income taxes increased by ¥28.370 million each. At the beginning of the fiscal year, deferred tax assets increased by ¥148.132 million and advances received on uncompleted construction contracts increased by ¥2,082.029 million, while retained earnings decreased by ¥1,933.897 million.」
The Company disclosed the impact following the adoption of the revenue recognition standard: net sales decreased by ¥145.756 million, operating income and related items increased by ¥28.370 million, and retained earnings at the beginning of the fiscal year decreased by ¥1,933.897 million. - FY2022-Q1First statedAnnual report
「We applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020) and other relevant standards from the beginning of the first quarter of the current consolidated fiscal year. Revenue is now recognized at the amount expected to be received in exchange for the promised goods or services when control of those goods or services transfers to the customer.」
Effective 1 April 2021, the Company applied the revenue recognition standard and changed to a method of recognizing revenue over time for construction contracts in the Housing Business. It also changed the recognition methods for short-term construction projects and free inspection services provided after delivery. As a result of the adoption, retained earnings at the beginning of the fiscal year decreased by ¥1,933.897 million.