Change in KDT's method of calculating retirement benefit obligations from the simplified method to the standard method
First written in FY2022-Q1. 3 of 4 entries say "Restated". Latest entry: FY2022.
The whole theme swung hardest in 2019: 1 of 7 companies on the "Worse" side.
6 other companies' latest entry also says "Restated".
- FY2022RestatedAnnual report
「From the current consolidated fiscal year, the Company changed the method used to calculate the retirement benefit obligation of its consolidated subsidiary KYODO DIE-WORKS（THAILAND）CO.,LTD. from the simplified method to the standard method.」
The disclosure continues to describe the change in the method for calculating KDT's retirement benefit obligation, made in light of the potential expansion of operations and increase in personnel, with the aims of improving accuracy and appropriately reflecting the amount in periodic profit or loss. - FY2022-Q3RestatedAnnual report
「From the first quarter of the current fiscal year, the Company changed the method used to calculate the retirement benefit obligation of its consolidated subsidiary KYODO DIE-WORKS(THAILAND)CO.,LTD. from the simplified method to the standard method. This change was made because, in light of the expected expansion of operations following a review of the business plan and the possibility of further increases in personnel, the Company examined the reliability of actuarial estimates for retirement benefits and determined that adopting the standard method would improve the accuracy of the retirement benefit obligation calculation and allow retirement benefit expenses to be appropriately reflected in periodic profit or loss.」
The explanation continues to state that, given KDT's expected expansion of operations and the possibility of increased personnel, the method for calculating the retirement benefit obligation changed from the simplified method to the standard method. - FY2022-Q2RestatedAnnual report
「From the first quarter of the current fiscal year, the Company changed the method used to calculate the retirement benefit obligation of its consolidated subsidiary KYODO DIE-WORKS(THAILAND)CO.,LTD. from the simplified method to the standard method. This change was made because, in light of the expected expansion of operations following a review of the business plan and the possibility of further increases in personnel, the Company examined the reliability of actuarial estimates for retirement benefits and determined that adopting the standard method would improve the accuracy of the retirement benefit obligation calculation and allow retirement benefit expenses to be appropriately reflected in periodic profit or loss.」
The explanation continues to state that, given KDT's expected expansion of operations and the possibility of increased personnel, the method for calculating the retirement benefit obligation changed from the simplified method to the standard method. It also states that the change was applied retrospectively to prior-year financial statements. - FY2022-Q1First statedAnnual report
「From the first quarter of the consolidated fiscal year under review, we changed the method of calculating retirement benefit obligations for KYODO DIE-WORKS(THAILAND)CO.,LTD., a consolidated subsidiary of the Company, from the simplified method to the general method. In light of the expected expansion of the business and potential further increases in personnel following a review of the business plan, we examined the reliability of actuarial estimates for retirement benefits and determined that adopting the general method would improve the accuracy of the calculation of retirement benefit obligations and allow retirement benefit expenses to be appropriately reflected in periodic profit or loss.」
In light of KDT's expected business expansion and potential increase in personnel, the Company changed the method of calculating retirement benefit obligations from the simplified method to the general method to improve accuracy and appropriately reflect expenses in periodic profit or loss.