Gendai Agency (2411) · FactRestated
Net presentation of agent transactions following adoption of the revenue recognition standard
First written in FY2022-Q1. 1 of 2 entries say "Restated". Latest entry: FY2022-Q2.
2entries
1years
0from disclosures
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Net Presentation of Agent Transactions Following Adoption of the Revenue Recognition Accounting StandardA theme 80 companies write about · 6 as a headwind · 0 as a tailwind
50 other companies' latest entry also says "Restated".
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Showing 14 of the 80 companies compared. The sentences above are computed from all 80.Full recordFilings, disclosures and news, newest first
- FY2022-Q2RestatedAnnual report
「As a result, sales for the cumulative second quarter of the current consolidated fiscal year decreased by ¥370 million compared with the previous accounting method, which recorded the total transaction amount.」
The company reconfirms that agency transactions are presented on a net basis under the revenue recognition accounting standard applied from the first quarter. For the cumulative second quarter, sales decreased by ¥370 million compared with the previous method, with no impact on operating profit or other profit figures. - FY2022-Q1First statedAnnual report
「Accordingly, for transactions in which our Group acts as an agent in sales to customers, we have changed from recognizing the total consideration received from customers as revenue to recognizing revenue on a net basis after deducting amounts paid to third parties from the total consideration.」
The company applied the revenue recognition accounting standard and related standards from the beginning of the first quarter of the current consolidated fiscal year and changed the presentation of sales and cost of sales for agency transactions from a gross to a net basis. Compared with the previous method, sales and cost of sales decreased by ¥178 million, with no impact on operating profit or other profit figures.