Delay in recording sales due to insufficient documentation required for revenue recognition
First written in FY2017-Q2. 7 of 10 entries say "Restated". Latest entry: FY2024-Q2.
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- FY2024-Q2RestatedAnnual report
「During the cumulative second quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that management recognizes could materially affect the financial position, operating results and cash flows of the consolidated companies, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
It was determined that there had been no material change in the risk concerning the timing of sales recognition associated with revenue recognition and project progress. - FY2020-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year, there were no newly arising business or other risks. In addition, there were no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
It was determined that there had been no new occurrence or material change in the risk concerning the timing of sales recognition associated with revenue recognition and project progress. - FY2019ReframedAnnual report
「The Group monitors progress for each project, but depending on project progress, it may be forced to change delivery dates. In such cases, the timing of revenue recognition will change, potentially affecting the Group's operating results.」
The risk assessment was broadened from delays in recording individual projects due to insufficient revenue recognition documentation to risks concerning the timing of sales recognition and overall project profitability arising from project progress, delivery-date changes and increased labor hours. - FY2019-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year, there were no newly arising business or other risks. In addition, there were no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
It was determined that there had been no new occurrence or material change in the existing risk of insufficient documentation required for revenue recognition or delays in recording sales. - FY2018ReframedAnnual report
「At FUSA, this was attributable to inadequate development and operation of internal controls relating to revenue recognition, as well as inadequate systems for detecting errors in the company's closing and financial reporting processes」
The previous issue of individual sales recognition delays caused by insufficient revenue recognition documentation was reframed as deficiencies in internal controls across the revenue recognition, closing and financial reporting processes. - FY2018-Q3RestatedAnnual report
「No new business or other risks arose during the nine months ended 31 December. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The company explained that there had been no new occurrence or material change in the existing risk of insufficient documentation required for revenue recognition or delays in recording sales. - FY2018-Q2RestatedAnnual report
「No new business or other risks arose during the six months ended 30 September. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The company explained that there had been no new occurrence or material change in the risk of insufficient documentation required for revenue recognition or delays in recording sales. - FY2018-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, there were no newly arising business or other risks. In addition, there were no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
The company explained that there had been no new occurrence or material change in the risk of insufficient documentation required for revenue recognition or delays in recording sales. - FY2017-Q3RestatedAnnual report
「To normalize the business integration, we had to slow sales activities while prioritizing the establishment of internal controls over revenue recognition at the U.S. subsidiary.」
The company explained that it slowed its operating activities after prioritizing the establishment of internal controls at its U.S. subsidiary relating to revenue recognition. This indicates that revenue recognition-related issues remain ongoing, although no new deferred amount was disclosed. - FY2017-Q2MaterialisedAnnual report
「The main factor was that, at the U.S. subsidiary, a project expected to be recognized as revenue by the second quarter had to be deferred to the following quarter or later because sufficient documentation required for revenue recognition had not been prepared, resulting in a project worth ¥203 million.」
Disclosed that revenue recognition for a ¥203 million project was deferred to the following quarter or later because the required documentation had not been prepared.