Recognition of Brokerage Fees Upon Delivery Following Adoption of the Revenue Recognition Accounting Standard
First written in FY2019-Q1. 3 of 4 entries say "Advanced", first in FY2019-Q2. Latest entry: FY2019.
2 other companies' latest entry also says "Advanced".
- FY2019AdvancedAnnual report
「As a result, compared with applying the previous accounting standards, revenue for the current consolidated fiscal year increased by ¥376 million, while operating income, ordinary income and net income before income taxes increased by ¥376 million each.」
As a result of continuing to apply the revenue recognition standard and recognizing brokerage fees upon property delivery, revenue and each profit measure for the year increased by ¥376 million compared with the previous standards. - FY2019-Q3AdvancedAnnual report
「As a result, compared with applying the previous accounting standards, revenue for the cumulative third quarter of the current consolidated accounting period increased by ¥151 million, while operating income, ordinary income and quarterly net income before income taxes increased by ¥151 million each.」
The company continued applying the revenue recognition standard and recognized brokerage fees upon property delivery. For the cumulative third quarter, revenue and other items increased by ¥151 million compared with the previous standards, while contract liabilities increased by ¥792 million. - FY2019-Q2AdvancedAnnual report
「Compared with applying the previous accounting standards, revenue for the cumulative second quarter of the current consolidated accounting period increased by ¥193 million, while operating income, ordinary income and quarterly net income before income taxes increased by ¥193 million each.」
The company continued applying the revenue recognition standard and recognized brokerage fees upon property delivery. For the cumulative second quarter, revenue and other items increased by ¥193 million compared with the previous standards, while contract liabilities increased by ¥859 million. - FY2019-Q1First statedAnnual report
「From the beginning of the first quarter of the current consolidated accounting period, we applied the revenue recognition standard and related standards, recognizing revenue at the amount expected to be received in exchange for the promised goods or services when control of those goods or services transfers to the customer. Accordingly, whereas real estate brokerage fees were previously recognized when the brokered real estate purchase and sale contract was concluded, revenue is now recognized when the property covered by the real estate purchase and sale contract concluded under the brokerage agreement is delivered. Advance payments related to real estate brokerage fees are also recorded as contract liabilities.」
The revenue recognition standard and related standards were applied from the beginning of the quarter, changing the recognition timing for real estate brokerage fees from contract execution to property delivery. As a result, revenue and other items for the cumulative period decreased by ¥8 million, opening retained earnings decreased by ¥1,853 million, and contract liabilities increased by ¥927 million.