Changes in Recognition for Construction Contracts and Agent Transactions Resulting from the Application of the Accounting Standard for Revenue Recognition and Other Standards
First written in FY2022-Q1. . Latest entry: FY2022-Q3.
11 other companies' latest entry also says "Other".
- FY2022-Q3Updated impact of adoption on the nine-month cumulative periodAnnual report
「As a result, revenue for the cumulative period through the current third quarter of the consolidated fiscal year increased by ¥327.017 million, cost of sales increased by ¥233.691 million, and operating profit, ordinary profit and profit before income taxes each increased by ¥93.326 million. Retained earnings at the beginning of the fiscal year also increased by ¥4.984 million.」
The impact of adopting the revenue recognition standard on revenue, cost of sales, operating profit and other items for the cumulative period through the third quarter has been updated. - FY2022-Q2Update to the impact for the cumulative period through the second quarterAnnual report
「As a result, revenue for the cumulative period through the current second quarter of the consolidated fiscal year increased by ¥117.346 million, cost of sales increased by ¥89.200 million, and operating profit, ordinary profit and profit before income taxes each increased by ¥28.145 million. Retained earnings at the beginning of the fiscal year also increased by ¥4.984 million.」
The impact of adopting the revenue recognition standard for the cumulative period through the second quarter was updated, showing the increases in revenue and operating profit and the impact on retained earnings at the beginning of the fiscal year. - FY2022-Q1First statedAnnual report
「The Group adopted the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020) and related standards from the beginning of the first quarter of the current fiscal year. Revenue is recognized at the point when control of promised goods or services is transferred to the customer, at the amount expected to be received in exchange for those goods or services.」
The company adopted the revenue recognition standard and related standards from 1 April 2021, changing revenue recognition for construction contracts to recognition based on satisfaction of performance obligations and changing recognition for principal-agent transactions to a net basis. As a result of the adoption, revenue for the current quarter decreased by ¥45.024 million, operating loss and other losses increased by ¥2.554 million, and retained earnings at the beginning of the fiscal year increased by ¥4.984 million.