Significant estimates for construction revenue under the percentage-of-completion method
First written in FY2021. 4 of 5 entries say "Restated". Latest entry: FY2023.
The whole theme swung hardest in 2024: 9 of 63 companies on the "Worse" side.
39 other companies' latest entry also says "Restated".
- FY2023RestatedAnnual report
「For completed construction revenue recognized over time, the company calculates completed construction revenue by multiplying total construction revenue by the percentage of completion based on the total construction costs, according to the progress of construction measured by costs incurred through the end of the period.」
Completed construction revenue related to construction progress was ¥4,410.061 million, and the company continues to estimate total construction costs and measure progress based on costs incurred. - FY2023-Q2RestatedAnnual report
「COVID-19 may affect the total estimated construction costs and other amounts used to measure the progress toward satisfying performance obligations under the Accounting Standard for Revenue Recognition and other standards, due to increases in cost of sales caused by work stoppages, delays and other factors. However, at present, there is no such impact.」
The company continues to disclose estimates of total construction costs and measurement of progress for performance obligations, stating that there is no impact from the infectious disease at present. - FY2023-Q1RestatedAnnual report
「COVID-19 may affect the total estimated construction costs and other amounts used to measure the progress toward satisfying performance obligations under the Accounting Standard for Revenue Recognition and other standards, due to increases in cost of sales caused by work stoppages, delays and other factors. However, at present, there is no such impact.」
The company continues to disclose measurement of progress for performance obligations related to construction projects and estimates of expected construction costs, stating that although there may be an impact from COVID-19, there is no impact at present. - FY2022-Q3RestatedAnnual report
「Progress toward satisfying performance obligations is measured based on the proportion of construction costs incurred by the end of each reporting period to the total estimated construction costs.」
Following the application of the revenue recognition standard, the company continues to disclose estimates of total construction costs and measurement of progress based on costs incurred. - FY2021First statedAnnual report
「The execution budget for each construction contract, which forms the basis for estimating total construction costs, is calculated by incorporating circumstances specific to each project and reasonably estimating each cost item to be incurred in the future as of the end of the current consolidated fiscal year.」
The company recorded completed construction revenue of 3,550,897 thousand yen under the percentage-of-completion method and disclosed systematically for the first time the execution budget, total construction costs and percentage of completion as significant accounting estimates.