Changes in construction-revenue recognition following adoption of the revenue recognition accounting standard
First written in FY2022-Q1. 3 of 4 entries say "Advanced", first in FY2022-Q2. Latest entry: FY2022.
10 other companies' latest entry also says "Advanced".
- FY2022AdvancedAnnual report
「As a result, net sales and cost of sales for the consolidated fiscal year increased by ¥111 million and ¥144 million, respectively. The effects on operating profit, ordinary profit, profit before income taxes for the fiscal year, the opening balance of retained earnings and per-share information were immaterial.」
The company reflected the application of the revenue recognition accounting standard for the full fiscal year and disclosed increases of ¥111 million in net sales and ¥144 million in cost of sales. - FY2022-Q3AdvancedAnnual report
「As a result, net sales and cost of sales for the nine months ended the third quarter increased by ¥3,442 million and ¥3,580 million, respectively. The effects on operating profit, ordinary profit, profit before income taxes for the quarter and the opening balance of retained earnings were immaterial.」
The company continued to apply the revenue recognition accounting standard and disclosed an increase of ¥3,442 million in net sales and ¥3,580 million in cost of sales for the nine months ended the third quarter. - FY2022-Q2AdvancedAnnual report
「The company applied the revenue recognition accounting standard and related standards in accordance with the transitional treatment stipulated in the proviso to paragraph 84 of the revenue recognition accounting standard. The cumulative effect of retrospectively applying the new accounting policy before the beginning of the first quarter consolidated accounting period was adjusted against retained earnings at the beginning of that period, and the new accounting policy was applied from that opening balance. As a result, net sales and cost of sales for the six months ended the second quarter increased by ¥1,984 million and ¥1,990 million, respectively. The effects on operating profit, ordinary profit, profit before income taxes for the quarter and the opening balance of retained earnings were immaterial.」
The company continued to apply the revenue recognition accounting standard and, as a result of changing the method of recognizing revenue from construction contracts and other items, net sales increased by ¥1,984 million and cost of sales increased by ¥1,990 million during the six months ended the second quarter. - FY2022-Q1First statedAnnual report
「The Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Accounting Standard”) and other standards were adopted from the beginning of the current first quarter consolidated accounting period. Revenue is recognized at the amount expected to be received in exchange for promised goods or services when control of those goods or services is transferred to the customer.」
The company applied the revenue recognition accounting standard from 1 April 2021 and changed its method of recognizing revenue from construction contracts to recognizing revenue over time as performance obligations are satisfied. As a result of the application, net sales for the quarter increased by ¥1,245 million and cost of sales increased by ¥1,165 million, while the impact on operating profit and other items was considered immaterial.