Application of the Accounting Standard for Revenue Recognition in the Fiscal Year Ending March 2022
First written in FY2019. 1 of 5 entries say "Advanced", first in FY2021. Latest entry: FY2022-Q3.
- FY2022-Q3Updated cumulative third-quarter impact of adoptionAnnual report
「As a result, revenue for the nine months ended the third quarter of the current consolidated fiscal year decreased by ¥2,603 million, cost of sales decreased by ¥2,549 million, gross profit and operating profit each increased by ¥29 million, and ordinary profit and profit before income taxes for the quarter each increased by ¥36 million. In addition, the opening balance of retained earnings increased by ¥61 million.」
Continued applying the Accounting Standard for Revenue Recognition and quantified its impact on revenue, cost of sales, operating profit, ordinary profit and other items for the nine months ended the third quarter. - FY2022-Q2RestatedAnnual report
「The main changes resulting from the adoption of the Accounting Standard for Revenue Recognition and other standards are as follows. (1) Revenue recognition for transactions involving agents: For revenue, primarily in the industrial equipment business, the Company previously recognized the total consideration received from customers as revenue. For certain transactions in which the Company’s role in providing products to customers is determined to be that of an agent, the Company has changed to recognizing revenue on a net basis.」
Reconfirmed the Accounting Standard for Revenue Recognition adopted from the first quarter, and quantified its impact for the six months ended the second quarter, with revenue down ¥1,957 million and operating profit up ¥16 million. - FY2022-Q1AchievedAnnual report
「The Group adopted the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020) and related standards from the beginning of the first quarter of the current fiscal year. Revenue is recognized at the point when control of promised goods or services is transferred to the customer, at the amount expected to be received in exchange for those goods or services.」
The Accounting Standard for Revenue Recognition and other standards, which had been scheduled for adoption from the beginning of the fiscal year ending March 2022, were adopted from the beginning of the first quarter of the current consolidated fiscal year. As a result, revenue for the quarter decreased by ¥895 million, while operating profit increased by ¥7 million. - FY2021Clarified the impact of adoptionAnnual report
「The adoption of the Accounting Standard for Revenue Recognition and other standards is expected to reduce revenue in some transactions, but the impact on profit and retained earnings is expected to be immaterial.」
Reconfirmed the planned adoption from the beginning of the fiscal year ending March 2022, and assessed that although revenue is expected to decline in some transactions, the impact on profit and retained earnings will be immaterial. - FY2019First statedAnnual report
「The Accounting Standard for Revenue Recognition and other standards will be applied from the beginning of the fiscal year ending March 2022.」
The Accounting Standard for Revenue Recognition and its Implementation Guidance are scheduled to be applied from the beginning of the fiscal year ending March 2022, and the impact is currently being assessed.