Changes in Revenue Recognition Methods בעקבות Application of the Revenue Recognition Accounting Standard
First written in FY2022-Q1. 3 of 4 entries say "Restated". Latest entry: FY2022.
50 other companies' latest entry also says "Restated".
- FY2022RestatedAnnual report
「Compared with before applying the Revenue Recognition Standard and other relevant standards, the consolidated statement of income for the current fiscal year shows that revenue decreased by ¥3,266 million, cost of sales decreased by ¥3,233 million, selling, general and administrative expenses decreased by ¥6 million, operating profit decreased by ¥26 million, and ordinary profit and profit before income taxes increased by ¥4 million each.」
The full-year impact of applying the Revenue Recognition Standard from 1 April 2021 is being reaffirmed. - FY2022-Q3RestatedAnnual report
「As a result, during the cumulative third quarter of the current fiscal year, revenue decreased by ¥2,379 million, cost of sales decreased by ¥2,352 million, selling, general and administrative expenses decreased by ¥5 million, operating profit decreased by ¥22 million, and ordinary profit and profit before income taxes decreased by ¥0 million each.」
The impact through the cumulative third quarter of applying the Revenue Recognition Standard from the beginning of the first quarter of the current fiscal year is being reaffirmed. - FY2022-Q2RestatedAnnual report
「As a result of applying the Revenue Recognition Standard and other relevant standards, revenue decreased by ¥1,389 million, operating profit decreased by ¥16 million and ordinary profit decreased by ¥2 million.」
The impact through the second quarter of applying the Revenue Recognition Standard from the beginning of the first quarter of the current fiscal year is being reaffirmed. - 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 Standard”) and other relevant standards from the beginning of the first quarter of the current fiscal year, and recognizes revenue at the amount expected to be received in exchange for promised goods or services when control of those goods or services is transferred to the customer. For contract processing transactions, in which raw materials supplied by customers are processed and sold back to them, the Company previously recorded revenue and cost of sales when the processed goods were sold back to customers. From the beginning of the first quarter of the current fiscal year, it has changed to a method of recognizing only the processing fee equivalent as net revenue. For revenue from brokering steel tube sales, the Company previously recognized revenue on a gross basis. After determining its role in providing goods or services to customers, namely whether it acts as a principal or an agent, it has changed to recognizing revenue from agent transactions on a net basis.」
The Revenue Recognition Standard and other relevant standards were applied from 1 April 2021, and contract processing transactions and agent transactions involving steel tube sales were changed to net revenue recognition. Revenue decreased by ¥618 million, while operating profit increased by ¥1 million and ordinary profit increased by ¥8 million.