Adoption of the Revenue Recognition Standard and Net Presentation of Contract Manufacturing Transactions
First written in FY2022-Q1. . Latest entry: FY2022.
11 other companies' latest entry also says "Other".
- FY2022Impact amount updatedAnnual report
「The company also applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020) and other related standards from the beginning of the current fiscal year. As the recognition of ¥1,590 million in product sales related to certain contract manufacturing transactions in the food business has been changed from gross to net, the figures reflect application of these standards, and the year-on-year change in net sales is not presented. There is no impact on operating income or below.」
Regarding the net presentation of contract manufacturing transactions following the application of the Revenue Recognition Accounting Standard, the company disclosed a full-year impact of ¥1,590 million on product sales. It stated that there was no impact on profit. - FY2022-Q3Impact amount updatedAnnual report
「As a result, net sales and cost of sales each decreased by ¥1,165.980 million in the cumulative third quarter period under review, with no impact on operating income, ordinary income or quarterly profit before income taxes.」
Regarding the net presentation of contract manufacturing transactions following the application of the Revenue Recognition Accounting Standard, the cumulative impact on net sales and cost of sales was ¥1,165.980 million. The company stated that there was no impact on operating income or other profit figures. - FY2022-Q2Impact amount updatedAnnual report
「As a result, net sales and cost of sales each decreased by ¥713.683 million in the cumulative second quarter period under review, with no impact on operating income, ordinary income or quarterly profit before income taxes.」
Regarding the net presentation of contract manufacturing transactions following the application of the Revenue Recognition Accounting Standard, the company disclosed an impact of ¥713.683 million on net sales and cost of sales for the cumulative second quarter period. It stated that there was no impact on profit. - FY2022-Q1First statedAnnual report
「The company has applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Accounting Standard”) and other related standards from the beginning of the first quarter accounting period under review. Accordingly, revenue is recognized at the amount expected to be received in exchange for the promised goods or services when control of those goods or services is transferred to the customer. As a result, for revenue under certain contract manufacturing agreements in the food business, the company previously recognized the total consideration received from customers as revenue. From the current fiscal year, however, after determining whether the company acts as principal or agent in providing products to customers, it has changed to recognizing revenue on a net basis.」
The company applied the Revenue Recognition Accounting Standard and other related standards from the beginning of the first quarter accounting period under review and changed the presentation of certain contract manufacturing transactions from gross to net based on its determination of whether it acts as principal or agent. Both net sales and cost of sales decreased by ¥316.888 million, with no impact on operating income, ordinary income or profit before income taxes for the quarter.