Changes to revenue presentation and recognition methods resulting from the application of the Revenue Recognition Accounting Standard
First written in FY2022-Q1. 2 of 3 entries say "Restated". Latest entry: FY2022-Q3.
5 other companies' latest entry also says "Restated".
- FY2022-Q3RestatedAnnual report
「As a result, for the nine months ended the third quarter of the current consolidated fiscal year, net sales decreased by ¥1,523 million, cost of sales by ¥1,361 million, selling, general and administrative expenses by ¥122 million, and operating profit, ordinary profit and profit before income taxes by ¥39 million, respectively.」
The revenue recognition accounting standard applied from the first quarter continued to be applied, and the amounts of its impact on net sales and other items were specifically disclosed for the nine months ended the third quarter. - FY2022-Q2RestatedAnnual report
「As a result, for the six months ended the second quarter of the current consolidated fiscal year, net sales decreased by ¥1,085 million, cost of sales by ¥997 million, selling, general and administrative expenses by ¥80 million, and operating profit, ordinary profit and profit before income taxes by ¥7 million, respectively.」
The revenue recognition accounting standard applied from the first quarter continued to be applied, and the amounts of its impact on net sales and other items were specifically disclosed for the six months ended the second quarter. - FY2022-Q1First statedAnnual report
「The Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020) and other standards have been applied from the beginning of the first quarter of the current consolidated fiscal year. As a result, in the food sales business, certain sales promotion expenses and other items previously recorded in selling, general and administrative expenses are now deducted from net sales, and revenue from transactions qualifying as agent transactions is now recognized on a net basis. In the cold storage business, the Company has also changed its method of recognizing revenue from cargo handling fees recorded entirely as sales when goods were received, recognizing the portion related to goods being dispatched when the related performance obligation is satisfied.」
From the first quarter, the Company applied the revenue recognition accounting standard and changed the presentation of sales promotion expenses and other items in the food sales business, the treatment of agent transactions, and the timing of revenue recognition for cargo handling fees in the cold storage business. As a result of the application, net sales decreased by ¥742 million and operating profit and other items decreased by ¥17 million.