Changes to revenue presentation and the accounting treatment of exchange transactions arising from the adoption of the Revenue Recognition Accounting Standard and related standards
First written in FY2022-Q1. 3 of 4 entries say "Advanced", first in FY2022-Q2. Latest entry: FY2022.
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- FY2022AdvancedAnnual report
「Consequently, for the fiscal year, net sales decreased by ¥654.126 billion, cost of sales decreased by ¥652.774 billion, selling, general and administrative expenses decreased by ¥1.180 billion, operating profit decreased by ¥172 million, and ordinary profit and profit before income taxes increased by ¥410 million each.」
The full-year impact of applying the Revenue Recognition Standard and other standards was reflected, with net sales down ¥654.126 billion, operating profit down ¥172 million, and ordinary profit up ¥410 million, among other impacts, disclosed. - FY2022-Q3AdvancedAnnual report
「The Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020, hereinafter the "Revenue Recognition Standard") and other standards were applied from the beginning of the first quarter of the current 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, accounting treatment for exchange transactions involving petroleum products and other goods of similar nature and value was changed mainly. Consequently, for the nine-month period ended the third quarter, net sales decreased by ¥497.217 billion, cost of sales decreased by ¥496.173 billion, selling, general and administrative expenses decreased by ¥937 million, operating profit decreased by ¥105 million, and ordinary profit and profit before income taxes increased by ¥306 million each.」
The application of the Revenue Recognition Standard and other standards continued, and for the nine-month period ended the third quarter, the company disclosed impacts including a ¥497.217 billion decrease in net sales, a ¥105 million decrease in operating profit, and a ¥306 million increase in ordinary profit. - FY2022-Q2AdvancedAnnual report
「The application of the revenue recognition accounting standard and related guidance follows the transitional treatment specified in the proviso to Paragraph 84 of the revenue recognition accounting standard. The cumulative effect of retrospectively applying the new accounting policy to periods before the beginning of the first quarter of the current consolidated fiscal year was added to or deducted from retained earnings at the beginning of that quarter, and the new accounting policy was applied from that opening balance.」
The application of the Revenue Recognition Standard and other standards continued, and for the six-month period ended the second quarter, the company disclosed impacts including a ¥318.927 billion decrease in net sales and a ¥223 million decrease in operating profit. - FY2022-Q1First statedAnnual report
「The Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020, hereinafter the "Revenue Recognition Standard") and other standards were applied from the beginning of the first quarter of the current 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, accounting treatment for exchange transactions involving petroleum products and other goods of similar nature and value was changed mainly.」
The Revenue Recognition Standard and other standards were applied from the first quarter, and the revenue recognition method, including for exchange transactions involving petroleum products and other goods, was changed. Net sales decreased by ¥157.426 billion, operating profit decreased by ¥64 million, and ordinary profit increased by ¥56 million.