Adoption of the Accounting Standard for Revenue Recognition and Change in the Method of Recognizing Construction Revenue
First written in FY2022-Q2. 1 of 2 entries say "Restated". Latest entry: FY2022-Q3.
13 other companies' latest entry also says "Restated".
- FY2022-Q3RestatedAnnual report
「Because we applied the revenue recognition standard and other applicable standards, “notes and accounts receivable—trade, and accrued construction revenue” presented under “current assets” on the consolidated balance sheet for the previous consolidated fiscal year will, from the first quarter, be presented within “notes and accounts receivable—trade, accrued construction revenue and contract assets.” In addition, “advances received on uncompleted construction contracts,” presented under “current liabilities,” will be presented as “contract liabilities” from the first quarter.」
The method of recognizing and presenting construction revenue under the revenue recognition standard applied from the first quarter has been reconfirmed. The impact on the financial statements is considered immaterial. - FY2022-Q2First statedAnnual report
「The Company adopted the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020) and related standards from the beginning of the first quarter of the current fiscal year. Revenue is 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.」
We applied the revenue recognition standard and other applicable standards from the beginning of the first quarter of the fiscal year, changing the recognition of revenue from construction contracts to recognition based on the satisfaction of performance obligations. The impact on the quarterly consolidated financial statements was described as immaterial.