Preparation for adoption of the revenue recognition standard
First written in FY2021. 3 of 5 entries say "Restated". Latest entry: FY2022.
77 other companies' latest entry also says "Restated".
- FY2022RestatedAnnual report
「In the consolidated balance sheet for the previous consolidated fiscal year, “accounts receivable from completed construction contracts,” which had been presented under “current assets,” is presented from the current consolidated fiscal year as included in “accounts receivable from completed construction contracts” and “contract assets.” “Advances received on construction contracts in progress,” which had been presented under “current liabilities,” is presented from the current consolidated fiscal year as included in “contract liabilities.”」
Following adoption of the revenue recognition standard, the company continued to include contract assets and contract liabilities in the presentation of its full-year financial statements. - FY2022-Q3RestatedAnnual report
「Following the adoption of the revenue recognition standard and other standards, “notes and accounts receivable—trade, accounts receivable from completed construction contracts and other items,” which had been presented under “current assets” in the consolidated balance sheet for the previous consolidated fiscal year, are presented from the first quarter of the current fiscal year as included in “notes and accounts receivable—trade, accounts receivable from completed construction contracts and contract assets and other items.” “Advances received on construction contracts in progress,” which had been presented under “current liabilities,” are presented from the first quarter of the current fiscal year as included in “contract liabilities.”」
The company has continued the presentation changes to contract assets and contract liabilities resulting from the adoption of the revenue recognition standard and other standards from the first quarter. - FY2022-Q2RestatedAnnual report
「Following the adoption of the revenue recognition standard and other standards, “notes and accounts receivable—trade, accounts receivable from completed construction contracts and other items,” which had been presented under “current assets” in the consolidated balance sheet for the previous consolidated fiscal year, are presented from the first quarter of the current fiscal year as included in “notes and accounts receivable—trade, accounts receivable from completed construction contracts and contract assets and other items.” “Advances received on construction contracts in progress,” which had been presented under “current liabilities,” are presented from the first quarter of the current fiscal year as included in “contract liabilities.”」
The company has continued the presentation changes to contract assets and contract liabilities resulting from the adoption of the revenue recognition standard and other standards from the first quarter. - FY2022-Q1AchievedAnnual report
「We applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020) and related standards from the beginning of the first-quarter consolidated accounting period. 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.」
The company adopted the revenue recognition standard and other standards from the beginning of the fiscal year ending March 2022. As a result, revenue from completed construction contracts for the first quarter of the current fiscal year increased by ¥446.06 million, while operating income, ordinary income and profit before income taxes increased by ¥81.839 million each, and retained earnings at the beginning of the fiscal year increased by ¥53.865 million. - FY2021First statedAnnual report
「Scheduled adoption date for the Accounting Standard for Revenue Recognition and other standards: to be adopted from the beginning of the fiscal year ending March 2022. The amount of the impact of adopting the Accounting Standard for Revenue Recognition and other standards on the consolidated financial statements is currently being assessed.」
The company planned to adopt the revenue recognition standard and other standards from the beginning of the fiscal year ending March 2022 and was assessing their impact on the consolidated financial statements.