Adoption of the Revenue Recognition Accounting Standard
First written in FY2022-Q1. 1 of 3 entries say "Advanced", first in FY2022-Q2. Latest entry: FY2022.
91 other companies' latest entry also says "Restated".
- FY2022RestatedAnnual report
「The Company applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020; hereinafter, the “revenue recognition accounting standard”) and related standards from the beginning of the consolidated fiscal year and」
The Company applied the revenue recognition accounting standard and related standards from the beginning of the fiscal year and recognises revenue from construction contracts as performance obligations are satisfied. - FY2022-Q2AdvancedAnnual report
「As a result, net sales for the cumulative second quarter of the consolidated accounting period decreased by ¥154 million, cost of sales decreased by ¥152 million, and operating profit, ordinary profit and quarterly net income before income taxes each decreased by ¥2 million. Retained earnings at the beginning of the period increased by ¥10 million.」
The Company specifically disclosed the impact of applying the revenue recognition accounting standard from the first quarter on net sales, cost of sales, retained earnings and other items for the cumulative second quarter. - FY2022-Q1First statedAnnual report
「From the beginning of the first quarter of the current consolidated fiscal year, we adopted the 'Accounting Standard for Revenue Recognition' (ASBJ Statement No. 29, 31 March 2020) and related standards. We now recognize revenue 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.」
The Company applied the accounting standard for revenue recognition and related standards from the beginning of the first quarter of the consolidated accounting period, changing its accounting treatment for construction contracts to recognise revenue over time as performance obligations are satisfied, apply the cost recovery method and use the alternative treatment for short-term construction contracts. As a result of the application, net sales decreased by ¥87 million, cost of sales decreased by ¥100 million, operating profit, ordinary profit and quarterly net income before income taxes increased by ¥11 million each, and retained earnings at the beginning of the period increased by ¥10 million.