Change in Guarantee Fee Revenue Recognition Following Adoption of the Accounting Standard for Revenue Recognition
First written in FY2022-Q1. 1 of 2 entries say "Restated". Latest entry: FY2022-Q2.
1 other company's latest entry also says "Restated".
- FY2022-Q2RestatedAnnual report
「As a result, operating revenue for the second-quarter cumulative period decreased by ¥720 thousand, while operating profit, ordinary profit and profit before income taxes decreased by ¥720 thousand each. Retained earnings at the beginning of the fiscal year also decreased by ¥1,537,864 thousand.」
The company continues to apply the revenue recognition accounting standard and has disclosed an impact of ¥720 thousand on operating revenue and other items for the second-quarter cumulative period and an impact of ¥1,537,864 thousand on retained earnings at the beginning of the fiscal year. There has been no change in the accounting policy itself. - FY2022-Q1First statedAnnual report
「The company has applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020; hereinafter, the "revenue recognition accounting standard") and related standards from the beginning of the first quarter of the current fiscal year. Revenue is recognised 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. Accordingly, for guarantee fee payments received from customers on the transaction date under contracts for which refunds are not required, the company has changed from recognising revenue primarily in a lump sum at the time of contracting to recognising revenue when the goods or services are provided.」
The company applied the revenue recognition accounting standard and related standards from the beginning of the first quarter of the 20th fiscal year, changing from recognising guarantee fees in a lump sum at the time of contracting to recognising them when the goods or services are provided. As a result, operating revenue, operating profit, ordinary profit and profit before income taxes for the first-quarter cumulative period decreased by ¥86,280 thousand each, while retained earnings at the beginning of the fiscal year decreased by ¥1,537,864 thousand.