Preparing for adoption of the revenue recognition accounting standard in the fiscal year ending March 2022
First written in FY2019. 5 of 9 entries say "Restated". Latest entry: FY2025.
- FY2025RestatedAnnual report
「The details of the main performance obligations in the principal businesses arising from contracts with customers of the company and its consolidated subsidiaries, and the usual points at which those performance obligations are satisfied, namely the usual points at which revenue is recognized, are as follows.」
The company continues to apply its recognition methods for product sales and construction contracts following application of the Revenue Recognition Accounting Standard. - FY2023RestatedAnnual report
「The details of the main performance obligations in the principal businesses arising from contracts with customers of the company and its consolidated subsidiaries, and the usual points at which those performance obligations are satisfied, namely the usual points at which revenue is recognized, are as follows.」
Following application of the Revenue Recognition Accounting Standard, the company continues to apply its revenue recognition methods for product sales and construction contracts for the full year. - FY2022RestatedAnnual report
「The company applied the Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Accounting Standard”) and other guidance from the beginning of the consolidated fiscal year. Revenue is recognized at the point when control of the promised goods or services is transferred to the customer, at the amount expected to be received in exchange for those goods or services.」
The company confirmed the application of the Revenue Recognition Accounting Standard and other guidance for the full year and disclosed that net sales decreased by ¥507 million as a result of the change to net presentation for transactions as an agent and to over-time recognition for construction contracts. - FY2022-Q3RestatedAnnual report
「The company applied the Revenue Recognition Accounting Standard and other guidance in accordance with the transitional treatment prescribed in the proviso to paragraph 84 of the standard. The cumulative effect of retrospectively applying the new accounting policy before the beginning of the first quarter of the consolidated fiscal year was added to or deducted from retained earnings at the beginning of the first quarter, and the new accounting policy was applied from that opening balance. As a result, net sales and cost of sales for the nine months ended 31 December each decreased by ¥299 million. There was no impact on the opening balance of retained earnings.」
The company reconfirmed that the Revenue Recognition Accounting Standard and other guidance had been applied from the beginning of the first quarter of the consolidated fiscal year and disclosed the resulting ¥299 million decreases in net sales and cost of sales for the nine months ended 31 December. - FY2022-Q2AchievedAnnual report
「The company applied the Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Accounting Standard”) and other guidance from the beginning of the first quarter of the consolidated fiscal year. Revenue is recognized at the point when control of the promised goods or services is transferred to the customer, at the amount expected to be received in exchange for those goods or services. …As a result, net sales for the six months ended 30 September decreased by ¥401 million, while cost of sales decreased by ¥401 million.」
Application of the Revenue Recognition Accounting Standard and other guidance from the beginning of the fiscal year ending March 2022 had been completed, with the company specifically disclosing the change to net presentation for transactions as an agent, the change to over-time recognition for construction contracts and the resulting ¥401 million decrease in net sales. - FY2022-Q1AchievedAnnual report
「The company applied the Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Accounting Standard”) and other guidance from the beginning of the first quarter of the current consolidated fiscal year. Revenue is recognized at the point when control of the promised goods or services is transferred to the customer, at the amount expected to be received in exchange for those goods or services.」
The company actually applied the Revenue Recognition Accounting Standard and other guidance, which had been scheduled for application from the beginning of the fiscal year ending March 2022, from the beginning of the first quarter of the current consolidated fiscal year. It changed to net presentation for transactions as an agent and to over-time recognition for construction contracts according to the satisfaction of performance obligations. - FY2021AdvancedAnnual report
「(2) Scheduled date of application The company plans to apply the standards from the beginning of the fiscal year ending March 2022. (3) Impact of applying the accounting standards and other guidance The impact of applying the Accounting Standard for Revenue Recognition and other guidance on the opening balance of retained earnings for the fiscal year ending March 2022 is immaterial.」
The company maintained its plan to apply the standards from the beginning of the fiscal year ending March 2022 and indicated that the expected impact on the opening balance of retained earnings would be immaterial. - FY2020RestatedAnnual report
「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 obligation is satisfied. The company plans to apply this from the beginning of the fiscal year ending March 2022.」
The company continues to disclose the 5-step revenue recognition method and its planned application from the beginning of the fiscal year ending March 2022. The impact is still under assessment. - FY2019First statedAnnual report
「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 obligation is satisfied. The company plans to apply this from the beginning of the fiscal year ending March 2022.」
For the accounting standards and other guidance on revenue recognition, the company specified the 5-step recognition method and its planned application from the beginning of the fiscal year ending March 2022, stating that the impact was still under assessment.