Changes in construction-revenue recognition following adoption of the revenue recognition accounting standard
First written in FY2022-Q1. 3 of 4 entries say "Restated". Latest entry: FY2024.
91 other companies' latest entry also says "Restated".
- FY2024RestatedAnnual report
「For construction contracts, when control of the goods or services is transferred to the customer over a specified period, the company recognises revenue over that period as it satisfies its performance obligation to transfer the goods or services to the customer.」
The company continues to recognise revenue over a specified period as construction performance obligations are satisfied, in accordance with the Accounting Standard for Revenue Recognition. - FY2022RestatedAnnual report
「As a result, for the current consolidated fiscal year, revenue increased by ¥13,781 million, cost of sales increased by ¥12,477 million, and operating income, ordinary income and profit before income taxes increased by ¥1,304 million each.」
The company continued applying the Accounting Standard for Revenue Recognition throughout the fiscal year and disclosed the resulting increase of ¥13,781 million in revenue and ¥1,304 million in operating income and other items for the current consolidated fiscal year. - FY2022-Q2RestatedAnnual report
「The company applied the Accounting Standard for Revenue Recognition and other standards in accordance with the transitional treatment prescribed in the proviso to paragraph 84 of the standard. The cumulative effect of applying the new accounting policy retrospectively before the beginning of the first quarter of the current fiscal year was adjusted in retained earnings at the beginning of the first quarter, and the new accounting policy was applied from that opening balance. As a result, for the six months ended the second quarter, revenue increased by ¥20,740 million, cost of sales increased by ¥19,570 million, operating income increased by ¥1,170 million, and ordinary income and profit before income taxes increased by ¥1,168 million each.」
The company continued to apply the Accounting Standard for Revenue Recognition adopted from the first quarter and disclosed its impact on the six months ended the second quarter, including an increase of ¥20,740 million in revenue and ¥1,170 million in operating income. - FY2022-Q1First statedAnnual report
「Beginning at the start of the first quarter, we adopted the Accounting Standard for Revenue Recognition and related standards and recognize revenue at the amount expected to be received in exchange for promised goods or services when control of those goods or services transfers to the customer. For construction contracts, we previously applied the percentage-of-completion method when the outcome of the work in progress could be reliably estimated. We have changed to a method under which revenue is recognized over time as the performance obligation to transfer goods or services to the customer is satisfied when control transfers to the customer over a specified period.」
Beginning at the start of the first quarter, revenue recognition changed from the percentage-of-completion method to recognition over time as performance obligations are satisfied.