Change to Recording Costs Corresponding to Cryptocurrency Revenue as Cost of Sales
First written in FY2019-Q1. 3 of 5 entries say "Restated". Latest entry: FY2021-Q2.
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- FY2021-Q2RestatedAnnual report
「Costs related to revenue from cryptoassets generated in the financial-related business were previously recognized as cost of sales, but from the first quarter the Company changed the method to recognize them as selling, general and administrative expenses.」
The accounting policy for recognizing costs related to cryptoasset revenue as selling, general and administrative expenses rather than cost of sales continues to be applied in the current quarter. - FY2021-Q1ReframedAnnual report
「Costs related to revenue from cryptoassets generated in the financial-related business were previously recognized as cost of sales, but from the first quarter the Company changed the method to recognize them as selling, general and administrative expenses.」
The Company changed the recognition of costs related to cryptoasset revenue from cost of sales to selling, general and administrative expenses, citing the increased impact of price fluctuations and the nature of cover transactions conducted in response to customer orders, and applied the change retrospectively. The Company stated that there was no impact on operating profit, ordinary profit or other profit measures. - FY2019RestatedAnnual report
「Because the ratio of costs related to cryptocurrency revenue has increased and is expected to continue rising, the Company changed the recognition of these costs to cost of sales to clarify the matching of costs and revenue. As a result, compared with the previous method, cost of sales for the fiscal year increased by ¥711 million, while gross profit and selling, general and administrative expenses decreased by the same amount. There was no impact on operating profit, ordinary profit or profit before income taxes.」
The Company continued to recognize costs related to cryptocurrency revenue as cost of sales, resulting in a ¥711 million presentation reclassification for the fiscal year. The Company stated that there was no impact on operating profit or other profit measures. - FY2019-Q2RestatedAnnual report
「As a result of this change, compared with the previous method, cost of sales for the six months ended the second quarter increased by ¥276 million, while gross profit and selling, general and administrative expenses decreased by the same amount. There was no impact on operating profit, ordinary profit or profit before income taxes.」
The Company continues to recognize costs related to cryptocurrency revenue as cost of sales and disclosed a ¥276 million presentation impact for the six months ended the current quarter. - FY2019-Q1First statedAnnual report
「Costs related to cryptocurrency revenue generated in the financial-related business were previously recognized as selling, general and administrative expenses, but from the first quarter the Company changed the method to recognize them as cost of sales. As a result, compared with the previous method, cost of sales for the three months ended the first quarter increased by ¥32 million, while gross profit and selling, general and administrative expenses decreased by the same amount. There was no impact on operating profit, ordinary profit or profit before income taxes.」
The Company changed the recognition of costs related to cryptocurrency revenue from selling, general and administrative expenses to cost of sales to clarify the matching of costs and revenue. The increase in cost of sales resulting from the change was ¥32 million, with no impact on operating profit or other profit measures.