Application of the Percentage-of-Completion Method to Significant Construction Contracts
First written in FY2020-Q1. 4 of 9 entries say "Restated". Latest entry: FY2024.
The whole theme swung hardest in 2018: 1 of 6 companies on the "Worse" side.
13 other companies' latest entry also says "Restated".
- FY2024RestatedAnnual report
「Revenue (unfinished portion) 1,664,904 4,176,223」
The company recorded ¥4,176 million in revenue for unfinished portions of performance obligations satisfied over a period of time and continued recognizing revenue based on progress. - FY2022RestatedAnnual report
「Following the adoption of the revenue recognition accounting standard, the company has changed to a method under which it estimates the progress toward satisfying performance obligations for construction contracts whose performance obligations are satisfied over a period of time and recognizes revenue over that period based on the estimated progress.」
Following the adoption of the revenue recognition accounting standard, the company continues to recognize revenue from machinery manufacturing contracts and installation work over a period of time based on progress. - FY2022-Q3RestatedAnnual report
「Following the adoption of the revenue recognition accounting standard, the company has changed to a method under which it estimates the progress toward satisfying performance obligations for construction contracts whose performance obligations are satisfied over a period of time and recognizes revenue over that period based on the estimated progress.」
Following the adoption of the revenue recognition accounting standard, the company continues to recognize revenue over a period of time based on progress toward satisfying performance obligations. - FY2022-Q2RestatedAnnual report
「Following the adoption of the revenue recognition accounting standard, the company has changed to a method under which it estimates the progress toward satisfying performance obligations for construction contracts whose performance obligations are satisfied over a period of time and recognizes revenue over that period based on the estimated progress.」
Following the adoption of the revenue recognition accounting standard, the company continues to recognize revenue over a period of time based on the extent to which performance obligations have been satisfied. - FY2022-Q1ReframedAnnual report
「Previously, the percentage-of-completion method was applied to construction contracts for which the certainty of the results of work performed to date could be recognized, while the completed-contract method was applied to other construction contracts. Following the adoption of the revenue recognition accounting standard, the company has changed to a method under which it estimates the progress toward satisfying performance obligations for construction contracts whose performance obligations are satisfied over a period of time and recognizes revenue over that period based on the estimated progress.」
The company changed its method from applying the percentage-of-completion and completed-contract methods to recognizing revenue based on progress toward satisfying performance obligations under the revenue recognition accounting standard. - FY2020AdvancedAnnual report
「As a result, net sales increased by ¥2,829.016 million, while operating profit, ordinary profit and net profit before income taxes and other adjustments increased by ¥849.096 million.」
The company reflected the application of the percentage-of-completion method to a significant construction contract for the full year and disclosed resulting increases of ¥2,829.016 million in net sales and ¥849.096 million in operating profit and other items. - FY2020-Q3AdvancedAnnual report
「As a result, net sales increased by ¥2,351.093 million, while operating profit, ordinary profit and quarterly net profit before income taxes and other adjustments increased by ¥724.207 million.」
The company disclosed the impact of applying the percentage-of-completion method to a significant construction contract for the cumulative third quarter, resulting in increases of ¥2,351.093 million in net sales and ¥724.207 million in operating profit and other items. By segment, net sales and operating profit increased by ¥2,240.433 million and ¥687.119 million, respectively, in the plywood machinery business, and by ¥110.660 million and ¥37.088 million, respectively, in the woodworking machinery business. - FY2020-Q2AdvancedAnnual report
「During the first-quarter consolidated accounting period, the company entered into a significant construction contract for which the certainty of the results of work performed to date could be recognized. Accordingly, it has applied the percentage-of-completion method to this contract from the first-quarter consolidated accounting period, with progress estimated using the cost-to-cost method. As a result, net sales increased by ¥1,742.346 million, while operating profit, ordinary profit and quarterly net profit before income taxes and other adjustments increased by ¥486.839 million.」
Regarding the application of the percentage-of-completion method to a significant construction contract, the company disclosed increases of ¥1,742.346 million in net sales and ¥486.839 million in operating profit and other items for the cumulative second quarter. - FY2020-Q1First statedAnnual report
「During the first-quarter consolidated accounting period under review, the company entered into a significant construction contract for which the certainty of the results of work performed to date could be recognized. Accordingly, it has applied the percentage-of-completion method to this contract from the first-quarter consolidated accounting period, with progress estimated using the cost-to-cost method. As a result, net sales increased by ¥718.390 million, while operating profit, ordinary profit and quarterly net profit before income taxes and other adjustments increased by ¥229.624 million.」
The company applied the percentage-of-completion method to a significant construction contract from the first-quarter consolidated accounting period and disclosed the resulting increases of ¥718.390 million in net sales and ¥229.624 million in operating profit and other items.