Adoption of Accounting Standards for Revenue Recognition
First written in FY2022-Q1. 2 of 3 entries say "Restated". Latest entry: FY2022-Q3.
91 other companies' latest entry also says "Restated".
- FY2022-Q3RestatedAnnual report
「Previously, for construction contracts, the percentage-of-completion method was applied to the progress of development of software produced to order when the reliability of the outcome could be established, while the completed-contract method was applied to other construction contracts. The Company has changed its method to recognise revenue over time as performance obligations are satisfied when control of the goods or services is transferred to the customer over a specified period.」
The Company continues to apply the method of recognising revenue based on the satisfaction of performance obligations following the application of the Revenue Recognition Standard. - FY2022-Q2RestatedAnnual report
「Previously, for construction contracts, the percentage-of-completion method was applied to the progress of development of software produced to order when the reliability of the outcome could be established, while the completed-contract method was applied to other construction contracts. The Company has changed its method to recognise revenue over time as performance obligations are satisfied when control of the goods or services is transferred to the customer over a specified period.」
Following the application of the Revenue Recognition Standard, the Company continues to apply the accounting policy changed from the percentage-of-completion and completed-contract methods to revenue recognition based on the satisfaction of performance obligations. - FY2022-Q1First statedAnnual report
「The Company applied the Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Standard”) and other standards from the beginning of the first quarter of the current fiscal year. Revenue is recognised at the amount expected to be received in exchange for the promised goods or services when control of those goods or services is transferred to the customer.」
The Company applied the Revenue Recognition Standard and other standards from the beginning of the first quarter of the current fiscal year, introducing revenue recognition based on the progress toward satisfying performance obligations when those obligations are satisfied over time, as well as the presentation of contract assets. The impact on profit or loss was immaterial, and there was no impact on retained earnings at the beginning of the period.