Application of the Revenue Recognition Accounting Standard and Recognition of Construction Revenue Over Time
First written in FY2022-Q1. 2 of 4 entries say "Advanced", first in FY2022-Q2. Latest entry: FY2022.
12 other companies' latest entry also says "Restated".
- FY2022RestatedAnnual report
「Because the Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan Statement No. 29, 31 March 2020) and other relevant standards have been applied from the beginning of the current fiscal year, the year-on-year percentage comparisons in the explanation of operating results for the current fiscal year have been omitted.」
The application of the Revenue Recognition Standard continued to be clearly stated in the full-year operating results disclosure, and its impact on the presentation of year-on-year comparisons was explained. - FY2022-Q3AdvancedAnnual report
「As a result, cumulative net sales for the nine months ended the current quarter decreased by ¥3,472 thousand, cost of sales increased by ¥4,101 thousand, and operating income, ordinary income, and quarterly profit before income taxes each decreased by ¥7,573 thousand. In addition, the opening balance of retained earnings increased by ¥41,814 thousand.」
The impact of applying the Revenue Recognition Standard on cumulative net sales, cost of sales, each profit measure, and retained earnings for the nine months ended the current quarter was additionally disclosed. - FY2022-Q2AdvancedAnnual report
「As a result, cumulative net sales for the six months ended the current quarter decreased by ¥374,264 thousand, cost of sales decreased by ¥343,969 thousand, and operating income, ordinary income, and profit before income taxes each decreased by ¥30,295 thousand. In addition, the opening balance of retained earnings increased by ¥41,814 thousand.」
The impact of applying the Revenue Recognition Standard on cumulative quarterly net sales, cost of sales, profit, and retained earnings was specifically disclosed. - FY2022-Q1First statedAnnual report
「We have applied the Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan 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. 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. For construction contracts, we previously applied the percentage-of-completion method when the outcome of the construction could be reliably estimated, and the completed-contract method (acceptance-based method) when this requirement was not met. From the beginning of the first quarter of the current fiscal year, however, we have changed to a method of estimating progress toward satisfaction of performance obligations satisfied over time and recognizing revenue over time based on that progress.」
The Revenue Recognition Standard and other relevant standards were applied from 1 October 2021, and the method of recognizing revenue from construction contracts over time based on progress was adopted. As a result, first-quarter net sales increased by ¥714,633 thousand, cost of sales increased by ¥664,610 thousand, and operating loss and other losses each decreased by ¥50,023 thousand.