Komori
Sanken Electric (6707) · PolicyFirst stated

Adoption of the Accounting Standard for Revenue Recognition

First written in FY2022-Q1. . Latest entry: FY2022-Q1.

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Changes in Recognition of Construction, Materials-Supplied-for-Consideration, Principal-Agent and Other Transactions Due to Application of the Revenue Recognition Accounting StandardA theme 71 companies write about · 26 as a headwind · 6 as a tailwind

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  1. FY2022-Q1First statedAnnual report

    「The Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020) and related standards were applied from the beginning of the first-quarter consolidated accounting period. Revenue is recognized at the amount expected to be received in exchange for promised goods or services when control of those goods or services transfers to the customer.」

    The revenue recognition accounting standard was applied from 1 April 2021, and the accounting policies were changed to recognize revenue upon delivery of products or transfer of risk based on the terms of trade, deduct sales discounts from revenue, not recognize revenue from transactions involving the provision of materials for a fee, and identify performance obligations including installation. As a result of the application, sales increased by ¥360 million, operating profit by ¥81 million and ordinary profit by ¥98 million for the quarter, while beginning retained earnings decreased by ¥192 million.
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