Adoption of the revenue recognition standard from the fiscal year ending March 2022
First written in FY2019. 2 of 4 entries say "Achieved", first in FY2022-Q1. Latest entry: FY2022-Q3.
- FY2022-Q3RestatedAnnual report
「Compared with the previous method, net sales for the cumulative third quarter of the consolidated fiscal year decreased by ¥6 million, cost of sales increased by ¥229 million, and operating income, ordinary income, and profit before income taxes decreased by ¥236 million.」
The company continued applying the revenue recognition standard and disclosed that, for the cumulative third quarter, the impact versus the previous method was a ¥6 million reduction in net sales, a ¥229 million increase in cost of sales, and a ¥236 million reduction in operating income and other measures. - FY2022-Q2AchievedAnnual report
「As a result, for transactions involving sales of dies and jigs for which the related consideration is collected from customers over a specified period, the company changed from recognizing revenue and cost of sales over that period to recognizing them at a single point in time. For transactions involving customer-supplied materials, the company previously excluded the supplied materials from inventories. It changed to recognizing the materials as inventory in a financing transaction, together with a financial liability, when it has an obligation to repurchase them.」
The company provided details of the accounting treatment following application of the revenue recognition standard and disclosed that, for the cumulative second quarter, the impact was a ¥465 million reduction in net sales and a ¥248 million reduction in operating income and other measures. - FY2022-Q1AchievedAnnual report
「From the beginning of the first quarter, we adopted the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020) and related standards. 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 transfers to the customer.」
The accounting standard for revenue recognition and related guidance, which had been scheduled for application from the fiscal year ending March 2022, was applied from the beginning of the current quarter. Accounting for sales of dies and jigs and transactions involving customer-supplied materials was changed, increasing the opening balance of retained earnings by ¥201 million and reducing operating income and other measures for the quarter by ¥148 million compared with the previous method. - FY2019First statedAnnual report
「The standard was scheduled to be applied from the beginning of the fiscal year ending March 2022.」
The company stated that it planned to apply the accounting standard for revenue recognition and related implementation guidance from the beginning of the fiscal year ending March 2022. The impact was still being assessed at the time of preparation.