Preparing to apply the accounting standard for revenue recognition
First written in FY2018. 1 of 6 entries say "Restated". Latest entry: FY2022.
- FY2022Final disclosure of the full-year impact of adoptionAnnual report
「As a result, the consolidated statement of income for the consolidated fiscal year shows decreases of ¥44,759 thousand in net sales and ¥38,933 thousand in cost of sales, while operating income, ordinary income and income before income taxes and other adjustments each decreased by ¥5,825 thousand.」
The accounting standards for revenue recognition and related guidance were applied for the full fiscal year, and the specific impact on net sales, cost of sales, operating income and other measures was disclosed. - FY2022-Q3Cumulative impact updatedAnnual report
「As a result, net sales for the third-quarter consolidated cumulative period increased by ¥11,135 thousand, cost of sales increased by ¥2,002 thousand, and operating income, ordinary income and income before income taxes and other adjustments each increased by ¥9,132 thousand. The opening balance of retained earnings also increased by ¥5,825 thousand.」
The company updated its disclosure of the cumulative impact of the adopted accounting standard for revenue recognition on net sales, cost of sales, operating income and other measures, and retained earnings for the third-quarter cumulative period. - FY2022-Q2Impact of accounting standard adoption disclosedAnnual report
「As a result, net sales for the second-quarter consolidated cumulative period decreased by ¥5,232 thousand, cost of sales decreased by ¥6,595 thousand, and operating income, ordinary income and income before income taxes and other adjustments each increased by ¥1,363 thousand. The opening balance of retained earnings also increased by ¥5,825 thousand.」
The company specifically disclosed the impact of the already adopted accounting standard for revenue recognition on net sales, cost of sales and retained earnings for the second-quarter cumulative period. - FY2022-Q1AchievedAnnual report
「The company adopted the Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020) and other relevant standards from the beginning of the first-quarter consolidated accounting period. 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 major change, following an examination of the identification and satisfaction of performance obligations in software development, revenue for certain projects is recognized over a period of time.」
The company adopted the accounting standards for revenue recognition and related guidance from the beginning of the first-quarter consolidated accounting period and changed to recognizing revenue over time for certain software development projects. As a result of the adoption, net sales increased by ¥43,862 thousand and operating income and other measures increased by ¥6,259 thousand. - FY2021RestatedAnnual report
「The standards are scheduled to be applied from the beginning of the fiscal year ending June 2022.」
The scheduled adoption date for the accounting standard for revenue recognition remains the beginning of the fiscal year ending June 2022. The impact is expected to be immaterial. - FY2018First statedAnnual report
「Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 30 March 2018); Guidance on Accounting Standard for Revenue Recognition (Guidance on Application of Accounting Standard No. 30, 30 March 2018). Scheduled date of adoption: The standard is scheduled to be adopted from the beginning of the fiscal year ending March 2022.」
The new accounting standards and other guidance on revenue recognition are scheduled to be adopted from the beginning of the fiscal year ending March 2022, and the amount of their impact on the financial statements is under assessment.