Unifying Accounting Policies by Changing the Method for Calculating Tax Expense
First written in FY2023-Q2. 1 of 2 entries say "Restated". Latest entry: FY2023-Q4.
4 other companies' latest entry also says "Restated".
- FY2023-Q4RestatedAnnual report
「Previously, income tax expense was calculated by reasonably estimating the effective tax rate after applying tax-effect accounting to profit before income taxes for the consolidated fiscal year including the quarterly consolidated accounting period, and multiplying quarterly profit before income taxes by that estimated effective tax rate. Beginning with the first quarterly consolidated accounting period, the Company has changed to a method based on the tax rate applicable to the calculation of income taxes for the fiscal year including the quarterly accounting period, calculated in the same manner as for the annual financial statements.」
The Company continues to disclose the change in the method of calculating income tax expense applied from the first quarter to align its accounting policy with that of the parent company. - FY2023-Q2First statedAnnual report
「Previously, income tax expense was calculated by reasonably estimating the effective tax rate after applying tax-effect accounting to profit before income taxes for the consolidated fiscal year including the quarterly consolidated accounting period, and multiplying quarterly profit before income taxes by that estimated effective tax rate. Beginning with the current quarterly consolidated accounting period, the Company has changed to a method based on the tax rate applicable to the calculation of income taxes for the fiscal year including the quarterly accounting period, calculated in the same manner as for the annual financial statements. This change was implemented to align the accounting policy with that of the parent company and to calculate income tax expense more precisely.」
Beginning with the current quarterly consolidated accounting period, the Company changed its method of calculating income tax expense to align its accounting policy with that of the parent company and improve the precision of the calculation. The Company stated that comparative information was not restated retrospectively and that the impact on quarterly net income was immaterial.