Change in accounting treatment for consumption tax and other taxes due to increased acquisitions of rental real estate
First written in FY2018-Q2. 3 of 4 entries say "Restated". Latest entry: FY2020.
3 other companies' latest entry also says "Restated".
- FY2020RestatedAnnual report
「Non-deductible consumption taxes and other taxes relating to assets are recognized under “long-term prepaid expenses” in investments and other assets and amortized on a straight-line basis over 5 years in accordance with the Corporation Tax Act.」
The company continues to recognize non-deductible consumption taxes and other taxes as long-term prepaid expenses and amortize them on a straight-line basis over 5 years against a backdrop of increased demand for building acquisitions in rental real estate. - FY2019RestatedAnnual report
「Non-deductible consumption taxes and other taxes relating to assets are recognized under “long-term prepaid expenses” in investments and other assets and amortized on a straight-line basis over 5 years in accordance with the Corporation Tax Act.」
The company continues to recognize non-deductible consumption taxes and other taxes as long-term prepaid expenses and amortize them on a straight-line basis over 5 years against a backdrop of increased demand for building acquisitions in rental real estate. - FY2018-Q3RestatedAnnual report
「Non-deductible consumption taxes and other taxes relating to fixed assets had previously been recognized as period expenses in the fiscal year in which they arose. However, as their materiality increased due to stronger demand for building acquisitions in the rental real estate business, from the second-quarter consolidated accounting period the company changed its treatment to recognize them under “long-term prepaid expenses” in investments and other assets and amortize them on a straight-line basis in accordance with the provisions of the Corporation Tax Act.」
The company continues to apply the changed accounting treatment for consumption taxes and other taxes against a backdrop of increased demand for building acquisitions in rental real estate. - FY2018-Q2First statedAnnual report
「Non-deductible consumption taxes and other taxes relating to fixed assets had previously been recognized as period expenses in the fiscal year in which they arose. However, as their materiality increased due to stronger demand for building acquisitions in the rental real estate business, from the second-quarter consolidated accounting period the company changed its treatment to recognize them under “long-term prepaid expenses” in investments and other assets and amortize them on a straight-line basis in accordance with the provisions of the Corporation Tax Act.」
Against a backdrop of increased demand for building acquisitions in rental real estate, the company changed its accounting treatment for non-deductible consumption taxes and other taxes from period-expense treatment to recognition as long-term prepaid expenses followed by straight-line amortization.