Change in Accounting Treatment for Installment Sales Transactions Following a Lease System Change
First written in FY2024-Q1. 2 of 3 entries say "Restated". Latest entry: FY2024-Q3.
3 other companies' latest entry also says "Restated".
- FY2024-Q3RestatedAnnual report
「Following the change in the lease system on 1 April 2023, it became possible to reflect economic substance more appropriately in the financial statements. Accordingly, from the first quarter of the fiscal year, the Group changed its method of accounting for installment sales transactions to record the amount equivalent to principal as installment receivables and the amount equivalent to interest as revenue. This change has been applied retrospectively.」
The changes in the accounting treatment of Chugin Lease's installment sales transactions and their retrospective application have also been confirmed in the notes for the third quarter. - FY2024-Q2RestatedAnnual report
「Following the change in the lease system on 1 April 2023, it became possible to reflect economic substance more appropriately in the financial statements. Accordingly, from the interim period of the current fiscal year, the Group changed its method of accounting for installment sales transactions to record the amount equivalent to principal as installment receivables and the amount equivalent to interest as revenue. This change has been applied retrospectively. In addition, the Group previously used the straight-line method to record the amount equivalent to interest included in sales-type installment transactions, but following the system change, it changed to the interest method, which is the prescribed method, from the interim period of the current fiscal year.」
The changes in the accounting treatment of Chugin Lease's installment sales transactions and their retrospective application continue to be applied in the notes for the interim consolidated accounting period. - FY2024-Q1First statedAnnual report
「Following the change in the lease system on 1 April 2023, it became possible to reflect economic substance more appropriately in the financial statements. Accordingly, from the first quarter of the current fiscal year, the Group changed its method of accounting for installment sales transactions to record the amount equivalent to principal as installment receivables and the amount equivalent to interest as revenue. This change has been applied retrospectively. In addition, the Group previously used the straight-line method to record the amount equivalent to interest included in sales-type installment transactions, but following the system change, it changed to the interest method, which is the prescribed method, from the first quarter of the current fiscal year.」
Following Chugin Lease's change in its lease system, the methods of recording the principal and interest components of installment sales and of accounting for interest have been changed and applied retrospectively to prior fiscal years.