Preparation for Adoption of the Accounting Standard for Revenue Recognition for the Fiscal Year Ending March 2021
First written in FY2018. 4 of 8 entries say "Restated". Latest entry: FY2024-Q3.
4 other companies' latest entry also says "Restated".
- FY2024-Q3RestatedAnnual report
「Revenue from construction contracts is recognized over time. However, when the progress toward satisfying the performance obligation cannot be reasonably estimated but the costs incurred to satisfy the performance obligation are expected to be recovered, revenue is recognized using the cost recovery method.」
For construction contracts following application of the Revenue Recognition Accounting Standard, the company continues to recognize revenue over a certain period and apply the cost recovery method. - FY2024-Q2RestatedAnnual report
「Revenue from construction contracts is recognized over time. However, when the progress toward satisfying the performance obligation cannot be reasonably estimated but the costs incurred to satisfy the performance obligation are expected to be recovered, revenue is recognized using the cost recovery method.」
For construction contracts following application of the Revenue Recognition Accounting Standard, the company continues to recognize revenue over a certain period and apply the cost recovery method. - FY2024-Q1RestatedAnnual report
「Revenue from construction contracts is recognized over time. However, when the progress toward satisfying the performance obligation cannot be reasonably estimated but the costs incurred to satisfy the performance obligation are expected to be recovered, revenue is recognized using the cost recovery method.」
For construction contracts following application of the Revenue Recognition Accounting Standard, the company continues to recognize revenue over a certain period and apply the cost recovery method. - FY2023-Q2AdvancedAnnual report
「The main reason for the substantial increase in revenue was the increase in works in progress, up 50.7% year on year. For construction contracts, revenue is recognized over a certain period. If the progress toward satisfying the performance obligation cannot be reasonably estimated but the costs expected to be incurred in satisfying the performance obligation are expected to be recoverable, revenue is recognized under the cost recovery method.」
The company states that, following application of the Revenue Recognition Accounting Standard, works in progress increased 50.7% year on year and revenue recognition under the cost recovery method was the main reason for the increase in revenue. - FY2023-Q1RestatedAnnual report
「The main reason for the increase in revenue but decrease in operating profit was the impact of recognizing revenue from works in progress under the cost recovery method. The number of works in progress and the order backlog increased from the same period of the previous year, and the company expects them to contribute to operating profit in the second or fourth quarter.」
Regarding operations following application of the Revenue Recognition Accounting Standard, the company describes the impact on performance of recognizing revenue from works in progress under the cost recovery method, as well as the increase in works in progress and the order backlog and the expected contribution to profit in the second and fourth quarters. - FY2022-Q1AchievedAnnual report
「The company applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Accounting Standard”) and other requirements from the beginning of the first quarter of the current consolidated fiscal year. Revenue is recognized at the amount expected to be received in exchange for the promised goods or services when control of those goods or services transfers to the customer. As a result, revenue for the first cumulative quarter increased by ¥1,222 million, cost of sales increased by ¥1,249 million, and selling, general and administrative expenses decreased by ¥26 million.」
The company applied the Revenue Recognition Accounting Standard from the beginning of the first quarter of the fiscal year ending March 2022 and changed its methods for recognizing revenue from construction contracts and other items. The application increased revenue for the first cumulative quarter by ¥1,222 million. - FY2021AdvancedAnnual report
「The impact of applying the “Accounting Standard for Revenue Recognition” and other requirements on retained earnings at the beginning of the following consolidated fiscal year is expected to be immaterial.」
Regarding the Accounting Standard for Revenue Recognition, preparations and assessment have progressed to the stage where the company maintains its plan to apply it from the beginning of the fiscal year ending March 2022 and expects the impact on retained earnings at the beginning of the following fiscal year to be immaterial. - FY2018First statedAnnual report
「The new requirements are scheduled to be applied from the beginning of the fiscal year ending March 2022. The amount of the impact is being assessed when preparing the consolidated financial statements.」
The company disclosed for the first time that it plans to apply the new accounting standards and other requirements on revenue recognition from the beginning of the fiscal year ending March 2022 and is assessing the impact.