Application of the Revenue Recognition Accounting Standard and Changes from Gross to Net Presentation
First written in FY2023-Q1. . Latest entry: FY2023.
2 other companies' latest entry also says "Other".
- FY2023Quantified disclosure of the full-year impact of adopting the accounting standardAnnual report
「As a result, compared with before retrospective application, other current liabilities for the previous consolidated fiscal year increased by ¥45 million. In addition, for the previous consolidated fiscal year, net sales decreased by ¥10,892 million and cost of sales decreased by ¥10,915 million, while gross profit, operating income and ordinary income increased by ¥23 million, and the loss before income taxes decreased by ¥23 million.」
The company specifically disclosed the full-year impact of the retrospective application of the Revenue Recognition Standard on net sales, cost of sales, profit and other items. - FY2023-Q3Quantified disclosure of the impact of adopting the accounting standardAnnual report
「As a result, compared with before retrospective application, other current liabilities for the previous consolidated fiscal year increased by ¥45 million. In addition, for the cumulative third-quarter consolidated period of the previous year, net sales decreased by ¥8,258 million and cost of sales decreased by ¥8,275 million, while gross profit, operating income, ordinary income and profit before income taxes increased by ¥17 million.」
The company specifically disclosed the impact of the retrospective application of the Revenue Recognition Standard on current liabilities, net sales, cost of sales and profit for the previous fiscal year and the same period of the previous year. - FY2023-Q1First statedAnnual report
「The company applied the Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Standard”) and other standards from the beginning of the first-quarter consolidated 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. The main changes were as follows. In the robot outsourcing business, among transactions for which revenue had previously been recognized when services were provided, revenue from transactions involving performance obligations satisfied over a specified period is now recognized as the performance obligations are satisfied. In the robot transformation business, the company had previously recognized the total consideration received from customers as revenue. For transactions in which the Group acts as an agent in providing goods or services to customers, revenue is now recognized on a net basis, after deducting amounts paid to other parties from the total consideration received from customers.」
The company applied the Revenue Recognition Standard and other standards from 1 March 2022, changing its accounting treatment to recognize revenue for performance obligations satisfied over time and to present transactions conducted as an agent on a net basis. The figures for the same period of the previous year and the previous consolidated fiscal year reflect retrospective application.