Adoption of New Accounting Standards and Other Changes to Accounting Policies
First written in FY2022-Q1. 6 of 8 entries say "Advanced", first in FY2022-Q2. Latest entry: FY2025-H1.
No other company in this theme has enough history to compare yet.
- FY2025-H1AchievedAnnual report
「Our group first applied IFRS at the beginning of the consolidated fiscal year ending 31 March 2025. The date of transition to IFRS was 1 April 2023.」
The company implemented its previously announced policy of voluntarily adopting IFRS and first applied IFRS from the beginning of the fiscal year ending March 2025. It also disclosed reconciliation tables from Japanese accounting standards to IFRS and the effects of first-time adoption. - FY2024AdvancedAnnual report
「As IFRS will be adopted voluntarily from the first quarter of the fiscal year ending March 2025, descriptions of the unapplied Japanese accounting standards have been omitted.」
Regarding accounting standards, the company indicated its policy of voluntarily adopting IFRS from the first quarter of the fiscal year ending March 2025, following the application of the revenue recognition and fair value measurement standards. - FY2023AdvancedAnnual report
「The Implementation Guidance on Accounting Standard for Fair Value Measurement (Implementation Guidance No. 31, 17 June 2021; hereinafter, the "Fair Value Measurement Guidance") has been applied from the beginning of the current consolidated fiscal year. In accordance with the transitional treatment prescribed in paragraph 27-2 of the Fair Value Measurement Guidance, the new accounting policies prescribed therein will be applied prospectively. There is no impact on the consolidated financial statements.」
The company applied the Fair Value Measurement Guidance for the full fiscal year and disclosed that it had no impact on the consolidated financial statements. - FY2023-Q1AdvancedAnnual report
「The Implementation Guidance on Accounting Standard for Fair Value Measurement (Implementation Guidance No. 31, 17 June 2021; hereinafter, the "Fair Value Measurement Guidance") has been applied from the beginning of the first quarter of the current fiscal year. In accordance with the transitional treatment prescribed in paragraph 27-2 of the Fair Value Measurement Guidance, the new accounting policies prescribed therein will be applied prospectively. There is no impact on the quarterly consolidated financial statements.」
The company applied the Fair Value Measurement Guidance from the beginning of the first quarter of the current fiscal year and stated that it had no impact on the financial statements. In addition, some domestic consolidated subsidiaries transitioned from the consolidated taxation system to the group aggregation system. - FY2022AdvancedAnnual report
「As a result, compared with before the application of the Revenue Recognition Standard and other standards, net sales for the current fiscal year decreased by ¥131,819 million, cost of sales decreased by ¥2,656 million, and operating profit, ordinary profit and profit before income taxes decreased by ¥2,511 million each.」
The company specified the full-year impact of applying the Revenue Recognition Standard, disclosing a ¥131,819 million decrease in net sales, a ¥2,511 million decrease in operating profit and other items, and a ¥6,150 million increase in the opening balance of retained earnings. - FY2022-Q3AdvancedAnnual report
「As a result, for the nine months ended the third quarter of the current fiscal year, net sales decreased by ¥94,899 million and cost of sales decreased by ¥982 million, while operating profit, ordinary profit and profit before income taxes decreased by ¥300 million each. The opening balance of retained earnings also increased by ¥6,150 million.」
The company disclosed the effects of applying the Revenue Recognition Standard from the first quarter, including a ¥94,899 million decrease in net sales, a ¥300 million decrease in operating profit and other items, and a ¥6,150 million increase in the opening balance of retained earnings for the nine-month period. - FY2022-Q2AdvancedAnnual report
「As a result, for the six months ended the second quarter of the current fiscal year, net sales decreased by ¥62,587 million and cost of sales decreased by ¥375 million, while operating profit, ordinary profit and profit before income taxes increased by ¥1,181 million each. The opening balance of retained earnings also increased by ¥6,150 million.」
The company disclosed the specific effects of applying the Revenue Recognition Standard from the first quarter, including a ¥62,587 million decrease in net sales and a ¥1,181 million increase in operating profit and other items for the first half. - FY2022-Q1First statedAnnual report
「The Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020; hereinafter, the "Revenue Recognition Standard") and other standards have been applied 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 goods or services when control of the promised goods or services is transferred to the customer.」
Following the application of the Revenue Recognition Standard, the accounting treatment for royalties, extended warranties, parts supplied with new vehicles and sales rebates was changed. Net sales decreased by ¥29,754 million, while operating profit and other items increased by ¥1,440 million. The company also applied the Accounting Standard for Fair Value Measurement and changed its hedge accounting methods for forward foreign exchange contracts, interest rate swaps and other instruments.