Accounting assumptions, including the spread of COVID-19 and the timing of its containment
First written in FY2021-Q1. 3 of 8 entries say "Restated". Latest entry: FY2023.
Okamoto Industries moved to the "Worse" side of this theme in 2023, 2 years before the typical company in this theme (2025).
The whole theme swung hardest in 2023: 3 of 36 companies on the "Worse" side.
1 other company's latest entry also says "Softened".
- FY2023SoftenedAnnual report
「For the business as a whole, COVID-19-related social activity is recovering as the disease has been reclassified as Class 5. As the movement of people increases and visitors to Japan gradually return, the Company is making accounting estimates based on these assumptions.」
The wording changed from specifying a timing for containment of the infectious disease to assuming the Class 5 reclassification and recovery in social activity, with no specific timing for containment stated. - FY2022SoftenedAnnual report
「However, the Company determined that the impact of the infectious disease on the Group's financial condition and operating results would gradually diminish and made accounting estimates, including the impairment of the fixed assets described above, on that basis.」
The explicit statement that the impact would subside at a certain point during the fiscal year ending March 2023 changed to wording that the impact would gradually diminish, eliminating specificity regarding the timing of containment. - FY2022-Q3RestatedAnnual report
「There were no material changes during the cumulative third-quarter period in the assumptions regarding the impact of COVID-19 described under “Significant Accounting Estimates” in the securities report for the previous consolidated fiscal year.」
The company has reconfirmed that there have been no material changes to the assumptions used for accounting estimates concerning the impact of COVID-19. - FY2022-Q1RestatedAnnual report
「There were no material changes during the cumulative first-quarter period in the assumptions regarding the impact of COVID-19 described under “Significant Accounting Estimates” in the securities report for the previous consolidated fiscal year.」
The Company reaffirmed that there were no material changes from the previous fiscal year in the assumptions underlying accounting estimates regarding the impact of COVID-19. - FY2021ReframedAnnual report
「The Company is making accounting estimates, including the impairment of the fixed assets described above, based on the assumption that the impact of COVID-19 on its business will not subside by the end of the fiscal year ending March 2022 but will subside at a certain point during the fiscal year ending March 2023.」
The accounting assumption regarding the timing of containment of the infectious disease was pushed back from a certain point in the fiscal year ending March 2022 to a certain point in the fiscal year ending March 2023. - FY2021-Q3ReframedAnnual report
「The Company had made accounting estimates, including its assessment of impairment of fixed assets and the recoverability of deferred tax assets, based on the assumption that the impact of COVID-19 on its business would subside at a certain point during the fiscal year ending March 2021. However, in light of the continued uncertainty regarding the timing of containment, including the reissuance and extension of a state of emergency, the Company changed this assumption to one that the impact would not subside by the end of the fiscal year ending March 2021 but would subside at a certain point during the following fiscal year ending March 2022.」
The accounting assumption regarding the timing of containment of the infectious disease was changed from a certain point in the fiscal year ending March 2021 to a certain point in the following fiscal year ending March 2022. - FY2021-Q2RestatedAnnual report
「There have been no significant changes to the assumptions, including those concerning the future spread and timing of containment of COVID-19, described in the notes to the previous fiscal year's securities report under Additional Information (Accounting Estimates Related to the Impact of the Spread of COVID-19).」
The Company reaffirmed that there have been no material changes from the previous consolidated fiscal year in the assumptions underlying accounting estimates, including the spread and containment timing of the infectious disease. - FY2021-Q1First statedAnnual report
「There have been no significant changes to the assumptions, including those concerning the future spread and timing of containment of COVID-19, described in the notes to the previous fiscal year's securities report under Additional Information (Accounting Estimates Related to the Impact of the Spread of COVID-19).」
The Company has, for the first time, described as a standalone topic that there have been no material changes from the previous consolidated fiscal year in the assumptions underlying accounting estimates, including the future spread and containment timing of COVID-19.