Adoption of the revenue recognition standard for revenue from contracts with customers
First written in FY2019-Q1. . Latest entry: FY2022.
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- FY2022Japanese revenue recognition accounting standards adoptedAnnual report
「The Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan Statement No. 29, 31 March 2020; hereinafter, the "Revenue Recognition Accounting Standard") and other standards were applied from the beginning of the fiscal year. 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.」
IFRS was applied on a consolidated basis, while the Japanese revenue recognition accounting standards were applied from the beginning of the fiscal year to the financial statements of the filing company, changing the recognition point upon delivery of products and the presentation of variable consideration. - FY2019Updated full-year impact of revenue recognitionAnnual report
「As a result, compared with applying the previous accounting standards, net sales, cost of sales and income taxes in the consolidated income statement for fiscal 2019 increased by ¥344 million, ¥23 million and ¥43 million, respectively.」
The full-year impact of applying ASU 2014-09 was finalized, and increases of ¥344 million in net sales, ¥23 million in cost of sales and ¥43 million in income taxes were disclosed. - FY2019-Q3Updated cumulative third-quarter impact of revenue recognitionAnnual report
「As a result, compared with applying the previous accounting standards, net sales, cost of sales and income taxes in the consolidated quarterly income statement for the cumulative third quarter increased by ¥710 million, ¥369 million and ¥51 million, respectively, while those amounts for the third quarter decreased by ¥551 million, ¥328 million and ¥65 million, respectively.」
The cumulative third-quarter impact of applying ASU 2014-09 was disclosed as increases of ¥710 million in net sales, ¥369 million in cost of sales and ¥51 million in income taxes. - FY2019-Q2Updated cumulative second-quarter impact of revenue recognitionAnnual report
「As a result, compared with applying the previous accounting standards, net sales, cost of sales and income taxes in the consolidated quarterly income statement increased by ¥1,261 million, ¥697 million and ¥116 million, respectively, for the cumulative second quarter, and by ¥577 million, ¥451 million and ¥68 million, respectively, for the second quarter.」
The specific increases in net sales, cost of sales and income taxes resulting from the application of ASU 2014-09 were disclosed for the cumulative second quarter. - FY2019-Q1First statedAnnual report
「The Group has applied this ASU from the first quarter of the current consolidated fiscal year using the modified retrospective approach, under which the beginning balance of retained earnings is adjusted directly on a cumulative basis for all contracts.」
FASB ASU 2014-09, Revenue from Contracts with Customers, was applied from the first quarter using the modified retrospective approach. Differences in the timing of revenue recognition arose for certain transactions, resulting in increases of ¥684 million in net sales, ¥246 million in cost of sales and ¥48 million in income taxes.