Changes in Revenue Recognition for Construction Contracts and Agent Transactions Following Adoption of the Revenue Recognition Standard
First written in FY2022-Q1. 3 of 5 entries say "Restated". Latest entry: FY2023.
25 other companies' latest entry also says "Restated".
- FY2023RestatedAnnual report
「In the consolidated income statement for the current consolidated fiscal year, net sales decreased by ¥972 million and cost of sales decreased by ¥990 million, while operating income, ordinary income, and profit before income taxes increased by ¥17 million each.」
The company continues to apply the revenue recognition accounting standards for the full fiscal year and is disclosing their impact on net sales, cost of sales, and profit. - FY2022RestatedAnnual report
「As a result, in the consolidated income statement for the current consolidated fiscal year, net sales decreased by ¥972 million and cost of sales decreased by ¥990 million, while operating income, ordinary income, and profit before income taxes increased by ¥17 million each.」
The company continued to apply the revenue recognition accounting standards for the full fiscal year and disclosed their annual impact on net sales, cost of sales, and profit. - FY2022-Q3RestatedAnnual report
「The company has applied the Accounting Standard for Revenue Recognition and other standards from the beginning of the first quarter of the current consolidated fiscal year, and the key management indicators for the cumulative third quarter and the third quarter of the current consolidated fiscal year reflect application of those standards.」
The company continues to apply the revenue recognition accounting standards. For the cumulative third quarter, net sales decreased by ¥150 million, cost of sales decreased by ¥164 million, and operating income and other items increased by ¥13 million. - FY2022-Q2AdvancedAnnual report
「As a result, for the six months ended the second quarter of the current consolidated fiscal year, net sales increased by ¥365 million and cost of sales increased by ¥367 million, while operating income, ordinary income, and profit before income taxes decreased by ¥1 million each. In addition, the opening balance of retained earnings increased by ¥25 million.」
The company disclosed the impact for the cumulative second quarter after adopting the revenue recognition accounting standards. Net sales increased by ¥365 million, cost of sales increased by ¥367 million, and operating income and other items decreased by ¥1 million. It also changed the presentation of contract assets and contract liabilities and continues to apply the recognition methods for construction contracts and agent transactions. - FY2022-Q1First statedAnnual report
「Following the adoption of the revenue recognition accounting standard, the company has changed its method of recognizing revenue over a certain period as performance obligations are satisfied for all construction contracts, except those with extremely short construction periods.」
Beginning in the first quarter of fiscal 2021, the company adopted the revenue recognition accounting standards and changed its method to recognize revenue primarily over time for construction contracts. It also changed the recognition of certain subsidiaries' materials sales and other transactions to net presentation as agent transactions and began presenting contract assets and contract liabilities.