Change to Deducting Proceeds from the Sale of Scrap Generated in Operations from Manufacturing Costs
First written in FY2020-Q1. 1 of 2 entries say "Restated". Latest entry: FY2020-Q3.
1 other company's latest entry also says "Restated".
- FY2020-Q3RestatedAnnual report
「As a result, compared with before the retrospective application, cost of sales for the cumulative third quarter of the previous consolidated fiscal period decreased by ¥518 million, while gross profit and operating profit increased by the same amount. There was no effect on ordinary profit or profit before income taxes.」
The accounting policy of deducting proceeds from the sale of process scrap from manufacturing costs continues to apply, with the impact on the cumulative third quarter of the previous fiscal period stated as ¥518 million. - FY2020-Q1First statedAnnual report
「The Group had previously recorded proceeds from the sale of process scrap, including metal scrap and waste liquids generated during manufacturing, as non-operating income from scrap sales. Following a review of its cost-management methods prompted by the increasing cost of disposing of process scrap as recycling technology improved, the Group changed its method from the first quarter of the current consolidated accounting period to deduct the proceeds from manufacturing costs.」
The presentation of proceeds from the sale of process scrap was changed from non-operating income to a deduction from manufacturing costs and applied retrospectively. This affected cost of sales, gross profit and operating profit for the first quarter of the previous fiscal year by ¥185 million, but had no effect on ordinary profit or below.