Adoption of the revenue recognition standard and treatment of the company’s loyalty points as performance obligations
First written in FY2023-Q1. 3 of 4 entries say "Restated". Latest entry: FY2023.
4 other companies' latest entry also says "Restated".
- FY2023RestatedAnnual report
「We applied the Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Standard”) and other relevant standards from the beginning of the current consolidated fiscal year, and began recognizing revenue 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.」
Application of the revenue recognition standard and the accounting treatment of proprietary points as performance obligations with revenue deferred remain in place. - FY2023-Q3RestatedAnnual report
「We applied the Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Standard”) and other relevant standards from the beginning of the first quarter of the consolidated fiscal year, and began recognizing revenue 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.」
It was reaffirmed that the revenue recognition standard has been applied from the beginning of the first quarter of the consolidated fiscal year, and that revenue from proprietary points that constitute material rights is deferred by treating them as performance obligations. - FY2023-Q2RestatedAnnual report
「We applied the Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Standard”) and other relevant standards from the beginning of the first quarter of the consolidated fiscal year, and began recognizing revenue 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.」
The application of the revenue recognition standard from the beginning of the first quarter of the consolidated fiscal year was reiterated, and proprietary points that constitute material rights are being treated as performance obligations. - FY2023-Q1First statedAnnual report
「We applied the Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020) and other relevant standards from the beginning of the first quarter of the current consolidated fiscal year, and began recognizing revenue 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. Accordingly, for proprietary points granted in connection with sales of goods to customers, we previously recognized as a provision the amount of points expected to be used in the future and recorded the provision as selling, general and administrative expenses. Where the points provide the customer with a material right, we now recognize them as a performance obligation and defer the related revenue.」
The revenue recognition standard was applied from the beginning of the first quarter of the current consolidated fiscal year, and proprietary points that constitute material rights are treated as performance obligations, with revenue deferred. The impact of the accounting policy change on the financial statements was immaterial, with no impact on the opening balance of retained earnings.