Application of the Revenue Recognition Accounting Standard and Revenue Recognition Based on Progress under Construction Contracts
First written in FY2022-Q1. 1 of 3 entries say "Advanced", first in FY2022-Q2. Latest entry: FY2022-Q3.
12 other companies' latest entry also says "Other".
- FY2022-Q3Impact of adoption identified for the cumulative third-quarter periodAnnual report
「As a result, for the cumulative third-quarter period, net sales decreased by ¥17.105 million and cost of sales decreased by ¥15.019 million, while operating profit, ordinary profit and profit before income taxes for the quarter each decreased by ¥1.311 million. The opening balance of retained earnings also increased by ¥1.473 million.」
The company disclosed the impact of adopting the revenue recognition standard on the cumulative third-quarter period, including a ¥17.105 million decrease in net sales and a ¥1.311 million decrease in operating profit and other items. - FY2022-Q2AdvancedAnnual report
「As a result, for the cumulative second-quarter period, net sales increased by ¥15.404 million and cost of sales increased by ¥10.213 million, while operating profit, ordinary profit and profit before income taxes for the quarter each increased by ¥5.880 million. The opening balance of retained earnings also increased by ¥1.473 million.」
The company disclosed the impact of adopting the revenue recognition standard on the cumulative second-quarter period, including a ¥15.404 million increase in net sales and a ¥5.880 million increase in operating profit and other items. - FY2022-Q1First statedAnnual report
「The company adopted the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020) and related standards from the beginning of the first quarter accounting period. Revenue is recognized at the amount expected to be received in exchange for promised goods or services when control of those goods or services transfers to the customer. As a result of applying this revenue recognition standard, for contracts for custom-built homes and construction work for corporate customers that were previously accounted for under the completed-contract method, where performance obligations are satisfied over a period of time, the company changed its method to estimate the progress toward satisfaction of the performance obligation and recognize revenue over that period based on the progress achieved.」
The company adopted the revenue recognition standard from the beginning of the first quarter accounting period and changed the method of recognizing revenue for custom-built home and corporate construction contracts whose performance obligations are satisfied over a period of time, from the completed-contract method to recognition based on progress.