Accounting Estimates Incorporating the Impact of COVID-19
First written in FY2020. 2 of 8 entries say "Restated". Latest entry: FY2022.
- FY2022DroppedAnnual reportIn the significant accounting estimates section of this filing, the Company no longer describes recovery assumptions incorporating the previous impact of COVID-19 and instead organizes the discussion around estimates for product warranty provisions and provisions for loss on orders.
- FY2022-Q3Extended duration of impact and narrowed scopeAnnual report
「The impact of COVID-19 on operating revenue and other items is expected to continue into the following fiscal year, partly because the Omicron variant has newly emerged. However, the impact is expected to be limited to overseas parts projects, while its impact on main engines and domestic parts projects is expected to be small, and it is not expected to have a material effect on the recoverability of deferred tax assets or impairment accounting for fixed assets.」
While the expected duration of the impact of COVID-19 was extended from within the current fiscal year to the following fiscal year, the affected items were limited to overseas parts projects, and the Company explained that there was no material impact on accounting estimates. - FY2022-Q1Recovery timeline changed to the current fiscal yearAnnual report
「The Company assumes that although the impact of COVID-19 on operating revenue and other items will continue during the current fiscal year, overseas projects and the level of operating activity will gradually recover. It expects no material impact on the recoverability of deferred tax assets or impairment accounting for fixed assets.」
The timeline has been changed to assume that although the impact of COVID-19 will continue during the current fiscal year, overseas projects and the level of operating activity will gradually recover within the current fiscal year. - FY2021Recovery expectations changed to the following fiscal yearAnnual report
「The Company prepared accounting estimates, including the recoverability of deferred tax assets and impairment accounting for fixed assets, based on the assumption that although the impact of COVID-19 on operating revenue and other items would continue into the following fiscal year, overseas projects and the level of operating activity would gradually recover.」
The Company has revised its assumptions to reflect the continued impact of COVID-19 into the following fiscal year, while overseas projects and the level of operating activity are expected to recover gradually. - FY2021-Q3RestatedAnnual report
「Regarding overseas projects expected to be affected in terms of operating revenue and other items by COVID-19, the Company prepared accounting estimates, including the calculation of tax expenses and the assessment of indicators of impairment of fixed assets, based on the assumption that conditions in the second half of the current fiscal year would be comparable to those in the first half.」
The Company continues to prepare accounting estimates based on the assumption that overseas projects in the second half of the current fiscal year will be comparable to those in the first half. - FY2021-Q2SoftenedAnnual report
「Regarding overseas projects expected to be affected in terms of operating revenue and other items by COVID-19, the Company prepared accounting estimates, including the calculation of tax expenses and the assessment of indicators of impairment of fixed assets, based on the assumption that conditions in the second half of the current fiscal year would be comparable to those in the first half.」
The assumption was changed from the previous quarter's expectation of “a general recovery in the second half of the current fiscal year” to one in which the second half would be comparable to the first half, weakening the premise for expecting a recovery in overseas projects. - FY2021-Q1RestatedAnnual report
「Regarding overseas projects expected to be affected in terms of operating revenue and other items by COVID-19, the Company prepared accounting estimates, including the calculation of tax expenses and the assessment of indicators of impairment of fixed assets, based on the assumption that conditions would generally recover in the second half of the current fiscal year.」
The Company continues to prepare accounting estimates based on the assumption that overseas projects will generally recover in the second half of the current fiscal year. - FY2020First statedAnnual report
「Regarding overseas projects expected to be affected in terms of operating revenue and other items by COVID-19, the Company prepared accounting estimates based on the assumption that conditions would generally recover in the second half of the following fiscal year.」
The Company has for the first time disclosed its policy of preparing accounting estimates, including the recoverability of deferred tax assets and impairment accounting for fixed assets, based on the assumption that overseas projects would generally recover in the second half of the following fiscal year.