Preparation for Applying the Revenue Recognition Accounting Standard in the Fiscal Year Ending March 2022
First written in FY2019. 1 of 6 entries say "Restated". Latest entry: FY2022-Q3.
- FY2022-Q3Updated the third-quarter impact of applying the revenue recognition accounting standardAnnual report
「As a result, for the nine months ended the third quarter of the current fiscal year, net sales increased by ¥4,216 million, cost of sales increased by ¥4,059 million, selling, general and administrative expenses decreased by ¥387 million, and operating income, ordinary income and income before income taxes and other adjustments each increased by ¥544 million. In addition, the opening balance of retained earnings increased by ¥428 million.」
For the revenue recognition standard applied from the beginning of the fiscal year ending March 2022, the impacts on net sales, expenses, income and retained earnings at the beginning of the fiscal year for the nine-month period were updated. - FY2022-Q2Updated impact of applying the revenue recognition standard in the second quarterAnnual report
「As a result, for the six months ended the second quarter of the current fiscal year, net sales increased by ¥1,230 million, cost of sales increased by ¥1,407 million, selling, general and administrative expenses decreased by ¥259 million, and operating income, ordinary income and income before income taxes and other adjustments each increased by ¥82 million. In addition, the opening balance of retained earnings increased by ¥428 million.」
For the revenue recognition standard applied from the beginning of the fiscal year ending March 2022, the impacts on first-half net sales, expenses, income and retained earnings at the beginning of the fiscal year were specified. - FY2022-Q1AchievedAnnual report
「The Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Standard”) and other applicable standards have been applied 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 is transferred to the customer.」
The previously planned revenue recognition standard was applied from 1 April 2021. For construction contracts, except for small-scale, very short-term projects, the method was changed to recognize revenue over time as performance obligations are satisfied, increasing operating income and other items for the first quarter by ¥389 million and retained earnings at the beginning of the fiscal year by ¥428 million. - FY2021AdvancedAnnual report
「The main impact of applying the accounting standard and related guidance will be a change in the criteria for recognizing revenue from completed construction contracts and the related cost of completed construction contracts. Our Group had applied the percentage-of-completion method to construction projects for which the certainty of performance through the end of the current consolidated fiscal year was recognized, and the completed-contract method to other projects. However, other than for small-scale, very short-term construction projects, revenue will be recognized over time as performance obligations are satisfied. As a result, retained earnings at the beginning of the fiscal year are expected to increase by ¥428 million.」
Regarding application of the revenue recognition standard from the beginning of the fiscal year ending March 2022, the method of recognizing revenue from completed construction projects was specified, and the impact on retained earnings at the beginning of the fiscal year was estimated at an increase of ¥428 million. - FY2020RestatedAnnual report
「(2) Scheduled date of application The standard is scheduled to be applied from the beginning of the fiscal year ending March 2022. (3) Impact of applying the accounting standard and related guidance The amount of the impact is being assessed in preparing the consolidated financial statements.」
The revenue recognition accounting standard is scheduled to be applied from the beginning of the fiscal year ending March 2022, and the amount of its impact continues to be assessed. - FY2019First statedAnnual report
「The Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan Statement No. 29, 30 March 2018) and the Implementation Guidance on the Accounting Standard for Revenue Recognition (ASBJ Guidance No. 30, 30 March 2018) are scheduled to be applied from the beginning of the fiscal year ending March 2022. The amount of the impact is being assessed in preparing the consolidated financial statements.」
The five-step revenue recognition standard is scheduled to be applied from the beginning of the fiscal year ending March 2022, and the impact on the financial statements is being assessed.