Adoption of Revenue Recognition Accounting Standards
First written in FY2022-Q1. 2 of 4 entries say "Advanced", first in FY2022-Q2. Latest entry: FY2022.
4 other companies' latest entry also says "Advanced".
- FY2022AdvancedAnnual report
「As a result, for the current consolidated fiscal year, net sales decreased by ¥25.477 million, cost of sales decreased by ¥103.163 million, and selling, general and administrative expenses increased by ¥84.054 million. Operating income, ordinary income and income before taxes and other adjustments each decreased by ¥6.368 million.」
The revenue recognition accounting standard was applied for the full fiscal year, and the company disclosed the annual impact of changes relating to rebates, recognition of chemical sales upon arrival, and recognition of construction contracts over time. - FY2022-Q3RestatedAnnual report
「As a result, for the cumulative third-quarter consolidated period, net sales decreased by ¥38 million, cost of sales decreased by ¥90 million, and selling, general and administrative expenses increased by ¥80 million. Operating income, ordinary income and income before taxes and other adjustments each decreased by ¥28 million.」
The company continued to apply the revenue recognition accounting standards and disclosed the impact on the cumulative third-quarter period, including a ¥38 million decrease in net sales and ¥28 million decreases in operating income, ordinary income and other items. - FY2022-Q2AdvancedAnnual report
「As a result, for the cumulative second-quarter consolidated period, net sales increased by ¥88 million, cost of sales increased by ¥13 million, and selling, general and administrative expenses increased by ¥56 million. Operating income, ordinary income and income before taxes and other adjustments each increased by ¥18 million.」
For the cumulative second-quarter period after applying the revenue recognition accounting standards and other relevant standards, the company disclosed increases of ¥88 million in net sales and ¥18 million each in operating income, ordinary income and income before taxes and other adjustments. - FY2022-Q1First statedAnnual report
「The Company adopted the Accounting Standard for Revenue Recognition and other standards from the beginning of the first quarter and now recognizes revenue when control of the promised goods or services transfers to the customer, at the amount expected to be received in exchange for those goods or services.」
Upon applying the revenue recognition standard, we estimated variable consideration for sales rebates, changed the point of revenue recognition for chemical sales from shipment to arrival, and changed revenue recognition for construction contracts to recognition over time. The impact on the cumulative first-quarter period was a ¥27 million decrease in net sales and ¥12 million decreases in both operating income and ordinary income.