Conservative Revenue Recognition for SME Loan Interest on a Cash-Collection Basis
First written in FY2018-Q1. 12 of 13 entries say "Restated". Latest entry: FY2021-Q3.
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- FY2021-Q3RestatedAnnual report
「In light of the findings of the independent committee's investigation, and taking into account the possibility of accounting impacts resulting from investigations and guidance by Thai investigative authorities in the future, the Company has, since the year-end settlement for the consolidated fiscal year four years prior to the previous consolidated fiscal year, conservatively recognized an allowance for doubtful accounts covering the full amount of loan receivables related to the GLH lending transactions identified by the Thai SEC, comprising operating loans and accrued interest. The allowance relating to the principal of the operating loans was recognized as an extraordinary loss, while the amount relating to accrued interest was deducted from revenue, and the recognition of revenue thereafter was discontinued.」
The Company continues to fully provide for loan receivables related to the Thai SEC's findings and to apply conservative accounting treatment that does not recognize accrued interest as revenue. - FY2021-Q2RestatedAnnual report
「In light of the findings of the independent committee's investigation, and taking into account the possibility of accounting impacts resulting from investigations and guidance by Thai investigative authorities in the future, the Company has, since the year-end settlement for the consolidated fiscal year four years prior to the previous consolidated fiscal year, conservatively recognized an allowance for doubtful accounts covering the full amount of loan receivables related to the GLH lending transactions identified by the Thai SEC, comprising operating loans and accrued interest. The allowance relating to the principal of the operating loans was recognized as an extraordinary loss, while the amount relating to accrued interest was deducted from revenue, and the recognition of revenue thereafter was discontinued.」
The Company continues its accounting policy of treating accrued interest related to the Thai SEC's findings on a cash-collection basis and conservatively, and discontinuing its recognition as revenue. - FY2021-Q1RestatedAnnual report
「Related interest income (revenue) for the three-month period of the current first quarter of the consolidated fiscal year was ¥— million, compared with ¥— million in the previous consolidated fiscal year.」
For accrued interest on receivables under review related to the Thai SEC's findings, the Company continues its policy of recognizing the interest on a cash-collection basis and on a cash basis, without recognizing the related interest income as revenue. - FY2020RestatedAnnual report
「Related interest income (revenue) as of the end of the consolidated fiscal year was ¥— million, compared with ¥— million in the previous consolidated fiscal year.」
For accrued interest on receivables under review related to the Thai SEC's findings, the Company continues its policy of recognizing the interest on a cash-collection basis and on a cash basis, without recognizing the related interest income as revenue. - FY2020-Q2RestatedAnnual report
「Related interest income (revenue) for the six-month period of the current second quarter of the consolidated fiscal year was ¥— million, compared with ¥— million in the previous consolidated fiscal year.」
For accrued interest on receivables under review related to the Thai SEC's findings, the Company continues its policy of recognizing the interest on a cash-collection basis and on a cash basis, without recognizing the related interest income as revenue. - FY2019RestatedAnnual report
「Related interest income (revenue) for the consolidated fiscal year was ¥— million, compared with ¥— million in the previous consolidated fiscal year.」
For accrued interest on receivables under review related to the Thai SEC's findings, the Company continues its policy of recognizing the interest on a cash-collection basis and on a cash basis, without recognizing the related interest income as revenue. - FY2019-Q3RestatedAnnual report
「Related interest income (revenue) for the nine-month period of the current third quarter of the consolidated fiscal year was ¥— million, compared with ¥— million in the nine-month period of the previous third quarter of the consolidated fiscal year.」
For accrued interest on receivables under review related to the Thai SEC's findings, the Company continues its policy of recognizing the interest on a cash-collection basis and on a cash basis, without recognizing the related interest income as revenue. - FY2019-Q2RestatedAnnual report
「Related interest income (revenue) for the six-month period of the current second quarter of the consolidated fiscal year was ¥— million, compared with ¥— million in the six-month period of the previous second quarter of the consolidated fiscal year.」
For accrued interest on receivables under review related to the Thai SEC's findings, the Company continues its policy of recognizing the interest on a cash-collection basis and on a cash basis, without recognizing the related interest income as revenue. - FY2019-Q1RestatedAnnual report
「Related interest income (revenue) for the consolidated fiscal year was ¥— million, compared with ¥— million in the previous consolidated fiscal year.」
For accrued interest on receivables under review related to the Thai SEC's findings, the Company continues its policy of recognizing the interest on a cash-collection basis and on a cash basis, without recognizing the related interest income as revenue. - FY2018RestatedAnnual report
「Related interest income (revenue) for the consolidated fiscal year was ¥— million, compared with ¥1,375 million in the previous consolidated fiscal year.」
For accrued interest on receivables under review related to the Thai SEC's findings, the Company continues to recognize the interest on a cash-collection basis and on a cash basis, and not to recognize the related interest income as revenue for the current period. - FY2018-Q3RestatedAnnual report
「Accrued interest arising from receivables under review is recognized on a cash basis.」
The Company continues to recognize accrued interest on receivables under review on a cash basis. The related interest income was not recognized during the nine-month period of the current third quarter of the consolidated fiscal year. - FY2018-Q2RestatedAnnual report
「In the Digital Finance Business, revenue was adversely affected by the change to the conservative recognition of SME loan interest income on a cash-collection basis. In addition, the strategic deployment of investment-related expenses for future growth during the period prevented the business from increasing revenue and operating income.」
The Company continues to recognize SME loan interest income conservatively on a cash-collection basis, explaining that the resulting reduction in revenue affected the performance of the Digital Finance Business. - FY2018-Q1First statedAnnual report
「Revenue from SME loans at Group Lease Holdings PTE. LTD. in Singapore was recognised on a conservative cash-collection basis, offsetting the effect of higher revenue.」
The company explicitly states that interest income from SME loans is recognised as revenue on a cash-collection basis and that the related interest income for the quarter was not recognised as revenue.