Adoption of the Revenue Recognition Standard and Acceptance Criteria for Overseas Transactions
First written in FY2023-Q1. 3 of 4 entries say "Restated". Latest entry: FY2024.
The whole theme swung hardest in 2020: 1 of 11 companies on the "Worse" side.
92 other companies' latest entry also says "Restated".
- FY2024RestatedAnnual report
「For sales of products accompanied by installation work, revenue is recognized under the acceptance method because the customer is deemed to obtain control of the product and the performance obligation is satisfied when acceptance testing is performed after installation.」
The policy of recognizing revenue for certain overseas sales and other transactions when acceptance testing is performed after installation has been continued for the consolidated fiscal year. - FY2023-Q3RestatedAnnual report
「Accordingly, for certain overseas sales for which revenue was previously recognized upon shipment, transactions in which control is deemed to have transferred when the customer performed acceptance testing after installation are recognized under the acceptance method.」
The Accounting Standard for Revenue Recognition and the acceptance method after installation for certain overseas sales have been continued. - FY2023-Q2RestatedAnnual report
「Accordingly, for certain overseas sales for which revenue was previously recognized upon shipment, transactions in which control is deemed to have transferred when the customer performed acceptance testing after installation are recognized under the acceptance method.」
The Accounting Standard for Revenue Recognition applied from the beginning of the first-quarter accounting period and the acceptance method after installation for certain overseas sales have been continued. - FY2023-Q1First statedAnnual report
「We have applied the Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020) and other relevant standards from the beginning of the first-quarter accounting period. 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, for certain overseas sales for which revenue was previously recognized upon shipment, transactions in which control is deemed to have transferred when the customer performed acceptance testing after installation are recognized under the acceptance method.」
The Accounting Standard for Revenue Recognition was applied from the beginning of the first-quarter accounting period, and a policy of recognizing revenue for certain overseas sales when the customer performs acceptance testing after installation was introduced. There is reportedly no impact on profit or loss or retained earnings at the beginning of the period.