Preparing for new accounting standards on revenue recognition and fair value measurement
First written in FY2021. 2 of 4 entries say "Restated". Latest entry: FY2022-Q3.
131 other companies' latest entry also says "Restated".
- FY2022-Q3RestatedAnnual report
「As a result, net sales for the first 9 months of the current fiscal year decreased by ¥90.450 million, and cost of sales decreased by ¥90.450 million. However, there was no impact on operating profit, ordinary profit, quarterly profit before income taxes, or the opening balance of retained earnings.」
Regarding the Revenue Recognition Standard applied from the beginning of the first quarter, the company disclosed that in the first 9 months of the fiscal year, net sales and cost of sales each decreased by ¥90.450 million, with no impact on profit. - FY2022-Q2RestatedAnnual report
「As a result, net sales for the first 6 months of the current fiscal year decreased by ¥81.975 million, and cost of sales decreased by ¥81.975 million. However, there was no impact on operating profit, ordinary profit, quarterly profit before income taxes, or the opening balance of retained earnings.」
Regarding the Revenue Recognition Standard applied from the beginning of the first quarter, the company disclosed that in the first 6 months of the fiscal year, net sales and cost of sales each decreased by ¥81.975 million, with no impact on profit. - FY2022-Q1AchievedAnnual report
「The Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan Statement No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Standard”) and other standards have been applied from the beginning of the first quarter of the current fiscal year. 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, net sales for the first quarter of the current fiscal year decreased by ¥81.975 million, and cost of sales decreased by ¥81.975 million. However, there was no impact on operating profit, ordinary profit, quarterly profit before income taxes, or the opening balance of retained earnings.」
The Revenue Recognition Standard, which had been scheduled for application from the fiscal year ending September 2022, was applied from the beginning of the first quarter of the current fiscal year. For transactions involving the provision of materials for consideration, the presentation was changed from a gross basis to a net basis excluding the purchase price of raw materials and other items, reducing both net sales and cost of sales by ¥81.975 million, with no impact on profit. - FY2021First statedAnnual report
「This is a comprehensive accounting standard for revenue recognition. Revenue is recognized by applying the following 5 steps: Step 1: Identify the contract with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when, or as, the performance obligations are satisfied. The standard is scheduled to be applied from the beginning of the fiscal year ending September 2022. The amount of the impact is being assessed at the time of preparation of these consolidated financial statements.」
The company disclosed that the revenue recognition standard and standards related to fair value measurement were scheduled to be applied from the fiscal year ending September 2022, with their impact still being assessed. Certain amendments to the fair value measurement standards were scheduled to apply from the fiscal year ending September 2023.