Revenue recognition: adoption of ASC 606 and planned adoption of Japanese GAAP in 2022
First written in FY2020. 3 of 5 entries say "Restated". Latest entry: FY2022-Q3.
No other company in this theme has enough history to compare yet.
- FY2022-Q3RestatedAnnual report
「As a result, net sales for the nine months ended the third quarter of the current fiscal year decreased by ¥131 million, gross profit decreased by ¥131 million, selling, general and administrative expenses decreased by ¥120 million, operating profit decreased by ¥10 million, and non-operating expenses decreased by ¥10 million.」
The accounting treatment under the revenue recognition standard adopted from the first quarter has continued, and the amount of its impact on the nine-month period has been disclosed. - FY2022-Q2RestatedAnnual report
「As a result, net sales for the six months ended the second quarter of the current fiscal year decreased by ¥75 million, gross profit decreased by ¥75 million, selling, general and administrative expenses decreased by ¥68 million, operating profit decreased by ¥6 million, and non-operating expenses decreased by ¥6 million.」
The accounting treatment under the revenue recognition standard adopted from the first quarter has continued, and the amount of its impact on the six-month period has been disclosed. - FY2022-Q1AdvancedAnnual report
「The Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020) and related standards have been adopted from the beginning of the first quarter of the current 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. Accordingly, the method of accounting for incentives paid to sales agents and others, previously recorded under selling, general and administrative expenses, and sales discounts, previously recorded under non-operating expenses, has been changed so that these amounts are deducted from net sales.」
The adoption of Japan's revenue recognition accounting standard, planned in the previous fiscal year, was implemented from 1 April 2021. As a result, net sales and gross profit for the quarter decreased by ¥34 million, while raw materials and supplies and other current liabilities increased by ¥91 million each. - FY2021RestatedAnnual report
「The Accounting Standard for Revenue Recognition is scheduled to be adopted from the beginning of the fiscal year ending March 2022. The impact of adopting this accounting standard is expected to be immaterial.」
The company continues to disclose its plan to adopt Japan's revenue recognition accounting standard from the beginning of the fiscal year ending March 2022 and expects the impact to be immaterial. - FY2020First statedAnnual report
「Subsidiaries applying U.S. GAAP have adopted ASC 606, "Revenue from Contracts with Customers," from the current consolidated fiscal year.」
A subsidiary applying U.S. GAAP adopted ASC 606 from the current fiscal year, while adoption of Japan's Accounting Standard for Revenue Recognition is scheduled from the beginning of the fiscal year ending March 2022.