Application of the Accounting Standard for Revenue Recognition and Revenue Recognition for Construction Contracts Over Time
First written in FY2022-Q1. 4 of 5 entries say "Restated". Latest entry: FY2025.
95 other companies' latest entry also says "Restated".
- FY2025RestatedAnnual report
「The company determined that performance obligations for construction contracts and similar arrangements are satisfied over time because materials tailored to customer specifications, processing, assembly, construction management and other services are provided continuously over an extended period, and recognizes revenue based on the progress toward satisfying performance obligations as measured by costs incurred.」
Even after applying the Revenue Recognition Accounting Standard, the company has continued to recognize revenue from construction contracts over time based on the progress toward satisfying performance obligations. - FY2022RestatedAnnual report
「As a result, notes and accounts receivable and contract assets increased by ¥1,367 million during the consolidated fiscal year under review, other current assets decreased by ¥4,542 million, notes and accounts payable decreased by ¥860 million, contract liabilities decreased by ¥4,467 million, and other current liabilities increased by ¥860 million. Net sales decreased by ¥3,634 million and cost of sales by ¥3,753 million, while operating profit, ordinary profit, and profit before income taxes increased by ¥118 million each.」
The company continued to apply the Revenue Recognition Accounting Standard throughout the fiscal year and disclosed changes in the presentation of contract assets, contract liabilities and other items, as well as the amounts of their impact on net sales and profit. - FY2022-Q3RestatedAnnual report
「As a result, notes and accounts receivable and contract assets increased by ¥1,782 million in the third quarter consolidated accounting period under review, other current assets decreased by ¥7,617 million, notes and accounts payable decreased by ¥868 million, and other current liabilities decreased by ¥6,635 million. Net sales decreased by ¥2,524 million and cost of sales by ¥2,581 million, while operating profit, ordinary profit, and profit before income taxes increased by ¥56 million each.」
The company continued to apply the Revenue Recognition Accounting Standard and related standards and disclosed the presentation of contract assets, advances paid and other items, as well as the amounts of their impact on net sales and profit, for the third quarter. - FY2022-Q2RestatedAnnual report
「As a result, notes and accounts receivable and contract assets increased by ¥2,221 million in the second quarter consolidated accounting period under review, other current assets decreased by ¥8,402 million, notes and accounts payable decreased by ¥638 million, and other current liabilities decreased by ¥7,332 million. Net sales decreased by ¥116 million and cost of sales by ¥170 million, while operating profit, ordinary profit, and profit before income taxes increased by ¥54 million each.」
The company continued to apply the Revenue Recognition Accounting Standard and related standards from the beginning of the first quarter consolidated accounting period, and disclosed the presentation of contract assets, advances paid and other items, as well as the amounts of their impact on net sales and profit, for the second quarter under review. - FY2022-Q1First statedAnnual report
「The company 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 consolidated accounting period under review. 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 is transferred to the customer. Accordingly, whereas the company had previously applied the percentage-of-completion method to construction contracts for which the reliability of the outcome could be recognized based on progress, and the completed-contract method to other construction contracts, it has changed to a method of recognizing revenue over a certain period based on an estimate of the progress toward satisfying performance obligations for performance obligations satisfied over time.」
The company applied the Revenue Recognition Accounting Standard and related standards from the beginning of the first quarter consolidated accounting period under review and changed its method for construction contracts to recognize revenue over time based on the progress toward satisfying performance obligations. As a result of the application, notes and accounts receivable and contract assets increased by ¥2,025 million, advances paid and other items decreased, and net sales and operating profit, ordinary profit and other items increased by ¥2,653 million and ¥216 million, respectively.