Adoption of the Accounting Standard for Revenue Recognition and Change to Net Presentation
First written in FY2022-Q1. 3 of 5 entries say "Restated". Latest entry: FY2023-Q3.
25 other companies' latest entry also says "Restated".
- FY2023-Q3RestatedAnnual report
「Beginning with the first quarter of the current fiscal year, the Company has changed the presentation of the standard scrap value included in materials received under paid supply transactions, which had been deducted from cost of sales, to include it in net sales. This change was made because the amount became quantitatively material as a result of the sharp rise in copper material prices, in order to present more appropriately in the quarterly consolidated financial statements the portion equivalent to processing fees related to paid supply transactions. Accordingly, comparisons and analysis against the same period of the previous year and the previous fiscal year are based on reclassified figures reflecting this change in presentation. The Company states that this change has no impact on profit or loss.」
The Company continues to include the standard scrap value in net sales and is analyzing reclassified comparative figures. It states that there is no impact on profit or loss. - FY2023-Q1Change to presentation including the standard scrap value in revenueAnnual report
「Beginning with the first quarter of the current fiscal year, the Company has changed the presentation of the standard scrap value included in materials received under paid supply transactions, which had been deducted from cost of sales, to include it in net sales. This change was made because the amount became quantitatively material as a result of the sharp rise in copper material prices, in order to present more appropriately in the quarterly consolidated financial statements the portion equivalent to processing fees related to paid supply transactions.」
Against the backdrop of higher copper material prices, the Company changed the presentation method to include the standard scrap value of paid supply transactions in net sales. Comparative figures for the previous year and the previous fiscal year have also been reclassified for comparison, and the Company states that there is no impact on profit or loss. - FY2022-Q3RestatedAnnual report
「As a result, revenue and cost of sales for the cumulative third-quarter period of the current fiscal year each decreased by ¥9,116.509 million.」
The Company continued to present transactions involving compensated receipt on a net basis under the revenue recognition standard and disclosed the impact of revenue and cost of sales for the cumulative third-quarter period each declining by ¥9,116.509 million. - FY2022-Q2RestatedAnnual report
「From the first quarter of the current fiscal year, the Company changed its method of recognizing revenue on a net basis, limited to the amount equivalent to the processing fee excluding the purchase price of parts, raw materials, and other items. As a result, revenue and cost of sales for the cumulative second-quarter period of the current fiscal year each decreased by ¥5,982.941 million.」
The Company continued to present transactions involving compensated receipt on a net basis under the revenue recognition standard and disclosed the impact of revenue and cost of sales for the cumulative second-quarter period each declining by ¥5,982.941 million. - FY2022-Q1First statedAnnual report
「The Company has applied the Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan Statement No. 29) and other relevant standards from the beginning of the first quarter of the current fiscal year. Accordingly, for transactions involving compensated receipt that qualify as repurchase agreements, the Company and its consolidated subsidiaries purchase raw materials and other items from customers, process them, add processing fees and other amounts to the purchase price, and sell the processed products to those customers. Previously, revenue was recognized at the gross amount of consideration, including the purchase price of raw materials and other items. From the first quarter of the current fiscal year, the Company has changed to recognizing only the amount equivalent to the processing fee, excluding the purchase price of parts, raw materials, and other items, as revenue on a net basis.」
From 1 July 2021, the Company applied the revenue recognition standard and other relevant standards and changed the presentation of transactions involving compensated receipt from gross presentation, including the purchase price of raw materials and other items, to net presentation of the amount equivalent to the processing fee. As a result of the application, revenue for the cumulative first-quarter period decreased by ¥2,976.610 million.