Adoption of Accounting Standards for Revenue Recognition
First written in FY2022-Q1. 4 of 5 entries say "Restated". Latest entry: FY2023.
The whole theme swung hardest in 2020: 1 of 11 companies on the "Worse" side.
94 other companies' latest entry also says "Restated".
- FY2023RestatedAnnual report
「The Group's primary performance obligation is to supply completed products to customers. In principle, the Group determines that control transfers to the customer and the performance obligation is satisfied when the products are delivered, and recognizes revenue at that point.」
The company continues to recognize revenue when control transfers following the application of the revenue recognition accounting standards. - FY2022RestatedAnnual report
「As a result, net sales for the current consolidated fiscal year decreased by ¥38,178 million, while cost of sales decreased by ¥38,269 million. Operating profit, ordinary profit and profit before income taxes for the fiscal year increased by ¥91 million.」
The revenue recognition accounting standards were applied from the beginning of the current fiscal year, and the full-year results of the change to recognizing revenue when control transfers have been disclosed. - FY2022-Q3RestatedAnnual report
「As a result, net sales for the cumulative third quarter of the current consolidated fiscal year decreased by ¥26,649 million, and cost of sales decreased by ¥26,647 million. Operating profit, ordinary profit and profit before income taxes for the quarter decreased by ¥1 million. In addition, the beginning balance of retained earnings increased by ¥52 million.」
The company continues to disclose the revenue recognition accounting standards applied from the first quarter and their impact on net sales, cost of sales and retained earnings for the cumulative period. - FY2022-Q2RestatedAnnual report
「As a result, although revenue was previously recognized when products were shipped, the company has changed to a method of recognizing revenue when control of the products transfers to the customer.」
The company continues to explain the change, applied from the first quarter, to recognizing revenue when control transfers to the customer under the revenue recognition accounting standards and its impact. - FY2022-Q1First statedAnnual report
「The Group applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Standard”) and related standards from the beginning of the first quarter under review. 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.」
The company applied the revenue recognition accounting standards and other relevant standards from the beginning of the first quarter of the current consolidated fiscal year, changing revenue recognition from the point of product shipment to the point when control transfers to the customer. The method of recognizing transactions involving the provision of materials for consideration was also changed, resulting in decreases of ¥8,951 million in net sales and ¥8,928 million in cost of sales, and a ¥23 million decrease in operating profit and other relevant items.