Preparing to apply the accounting standard for revenue recognition
First written in FY2018. 2 of 5 entries say "Advanced", first in FY2020. Latest entry: FY2022-Q1.
No other company in this theme has enough history to compare yet.
- FY2022-Q1AchievedAnnual report
「The Company 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 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 Company applied the Revenue Recognition Standard and related standards from 1 April 2021, reducing both net sales and cost of sales by ¥114 million for transactions involving the supply of materials in the automotive parts processing business. There was no impact on retained earnings. - FY2021AdvancedAnnual report
「Upon applying the Accounting Standard for Revenue Recognition and related standards, consideration received for transactions involving the supply of materials in the automotive parts processing business, which was previously presented on a gross basis as both net sales and cost of sales, is scheduled to be presented as a reduction in net sales. There will be no impact on retained earnings at the beginning of the following consolidated fiscal year.」
In preparation for applying the standard in the fiscal year ending March 2022, the Company clarified the transactions subject to the standard and the impact on presentation. - FY2020AdvancedAnnual report
「The Company's non-audit services comprise an engagement to provide implementation support in connection with the Accounting Standard for Revenue Recognition.」
To prepare for applying the revenue recognition standard from the fiscal year ending March 2022, the Company entered into an implementation support engagement and made its preparations more concrete. - FY2019RestatedAnnual report
「The Company plans to apply the Accounting Standard for Revenue Recognition and the Guidance on Accounting Standard for Revenue Recognition from the beginning of the fiscal year ending March 2022. Revenue will be recognized by applying the following 5 steps.」
The Company plans to apply the revenue recognition standard from the beginning of the fiscal year ending March 2022 and reconfirmed the 5-step recognition process, from identifying contracts through satisfying performance obligations. - FY2018First statedAnnual report
「The Company plans to apply the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 30 March 2018) and the Guidance on Accounting Standard for Revenue Recognition (ASBJ Guidance No. 30, 30 March 2018) from the beginning of the fiscal year ending March 2022. Revenue will be recognized by applying the following 5 steps.」
The Company plans to apply the new accounting standards for revenue recognition from the beginning of the fiscal year ending March 2022 and explained the 5 revenue recognition steps. The impact is under assessment.