Preparing to adopt the new revenue recognition and fair value measurement standards
First written in FY2021. 5 of 6 entries say "Advanced", first in FY2022-Q1. Latest entry: FY2023.
15 other companies' latest entry also says "Advanced".
- FY2023AdvancedAnnual report
「As a result, for the current fiscal year, net sales increased by ¥10,753 thousand, cost of sales increased by ¥13,348 thousand, and operating income, ordinary income and profit before income taxes decreased by ¥2,595 thousand each. In addition, the opening balance of retained earnings brought forward decreased by ¥62,509 thousand.」
The Company reflected the adoption of the revenue recognition standards and other standards in the full fiscal year and disclosed the specific impact on net sales, profit and retained earnings brought forward. - FY2022AdvancedAnnual report
「As a result, for the current fiscal year, net sales increased by ¥10,753 thousand, cost of sales increased by ¥13,348 thousand, and operating income, ordinary income and profit before income taxes decreased by ¥2,595 thousand each. In addition, the opening balance of retained earnings brought forward decreased by ¥62,509 thousand.」
The Company reflected the adoption of the revenue recognition standards and other standards in the full fiscal year and disclosed the specific impact on net sales, profit and retained earnings brought forward. - FY2022-Q3AdvancedAnnual report
「The Company adopted the revenue recognition standards and other standards from the beginning of the first-quarter accounting period and began recognizing revenue at the point when control of the promised goods or services is transferred to the customer, at the amount expected to be received in exchange for those goods or services. Whereas revenue was previously recognized at the time of the wedding ceremony, the Company changed the method for recognizing revenue for some transactions to recognize revenue at the time of delivery. As a result, for the cumulative third quarter, net sales increased by ¥45,056 thousand, cost of sales increased by ¥34,419 thousand, and operating income, ordinary income and profit before income taxes increased by ¥10,636 thousand each. In addition, the opening balance of retained earnings decreased by ¥62,509 thousand.」
The Company adopted the revenue recognition standards and other standards from the beginning of the first-quarter accounting period and changed the revenue recognition point for some transactions from the time of the wedding ceremony to the time of delivery. For the cumulative third quarter, it disclosed an increase of ¥45,056 thousand in net sales and an increase of ¥10,636 thousand in operating income and related items. - FY2022-Q2AdvancedAnnual report
「As a result, for the cumulative second quarter, net sales increased by ¥38,010 thousand, cost of sales increased by ¥28,420 thousand, and operating income, ordinary income and profit before income taxes increased by ¥9,590 thousand each. In addition, the opening balance of retained earnings for the current fiscal year decreased by ¥62,509 thousand.」
For the cumulative second quarter following adoption of the revenue recognition standard, the Company disclosed an increase of ¥38,010 thousand in net sales, an increase of ¥9,590 thousand in operating income and related items, and a ¥62,509 thousand decrease in the opening balance of retained earnings. - FY2022-Q1AdvancedAnnual report
「As a result, whereas revenue was previously recognized at the time of the wedding ceremony, the Company changed the method for recognizing revenue for some transactions to recognize revenue at the time of delivery. As a result, for the cumulative first quarter, net sales increased by ¥22,673 thousand, cost of sales increased by ¥19,646 thousand, and operating income, ordinary income and profit before income taxes increased by ¥3,027 thousand each.」
The Company adopted the revenue recognition standard from the beginning of the current first-quarter accounting period, rather than from the beginning of the fiscal year ending July 2022 as previously planned, and changed its revenue recognition method. As a result of the adoption, net sales increased by ¥22,673 thousand and operating income and related items increased by ¥3,027 thousand, while the opening balance of retained earnings decreased by ¥62,509 thousand. - FY2021First statedAnnual report
「Scheduled date of adoption of the Accounting Standard for Revenue Recognition and other standards The standards will be adopted from the beginning of the fiscal year ending July 2022. Scheduled date of adoption of the Accounting Standard for Fair Value Measurement and other standards The standards will be adopted from the beginning of the fiscal year ending July 2022.」
The Company first disclosed its plan to adopt the new accounting standards on revenue recognition and fair value measurement from the beginning of the fiscal year ending July 2022. The impact on the financial statements was under assessment or had not been determined.