Preparing to Adopt New Accounting Standards for Revenue Recognition and Fair Value Measurement
First written in FY2020. 1 of 3 entries say "Achieved", first in FY2022-Q1. Latest entry: FY2022-Q3.
18 other companies' latest entry also says "Restated".
- FY2022-Q3RestatedAnnual report
「The Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020, hereinafter the “revenue recognition standard”) and related standards were applied from the beginning of the first quarter of the current consolidated fiscal year. Revenue is now 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.」
The company continues to apply the revenue recognition standard and related standards from the beginning of the first quarter of the current consolidated fiscal year. As described in the filing, application reduced net sales by ¥178 million and cost of sales by ¥211 million, rather than reducing net sales and operating income and other items by ¥178 million and ¥32 million, respectively, and increased operating income and other items by ¥32 million during the cumulative third quarter. - FY2022-Q1AchievedAnnual report
「The Accounting Standard for Revenue Recognition and related standards were applied from the beginning of the first quarter of the current consolidated fiscal year, and revenue is now 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. The Accounting Standard for Fair Value Measurement and related standards were also applied from the beginning of the first quarter of the current consolidated fiscal year, and the new accounting policies prescribed by the fair value measurement standards and related standards are being applied prospectively.」
The company began applying the revenue recognition and fair value measurement accounting standards, for which it had disclosed preparations in the previous fiscal year, from the beginning of the first quarter of the current fiscal year. Application of the revenue recognition standard reduced net sales by ¥93 million, operating income and other items by ¥26 million, retained earnings at the beginning of the period by ¥561 million, and non-controlling interests at the beginning of the period by ¥588 million. - FY2020First statedAnnual report
「The Accounting Standard for Revenue Recognition and related standards will be applied from the beginning of the fiscal year ending September 2022. The Accounting Standard for Fair Value Measurement and related standards are scheduled to be applied from the beginning of the fiscal year ending September 2022. The Accounting Standard for Disclosure of Accounting Policies, Accounting Changes and Errors and the Accounting Standard for Disclosure of Accounting Estimates are scheduled to be applied from the fiscal year-end of the fiscal year ending September 2021.」
The company disclosed its plans to apply several new accounting standards from either the end of the fiscal year ending September 2021 or the beginning of the fiscal year ending September 2022.