Application of New Accounting Standards, Including Revenue Recognition, from FY2022
First written in FY2021. 1 of 5 entries say "Achieved", first in FY2022-Q1. Latest entry: FY2022.
- FY2022Full-year update on the impact of applying accounting standardsAnnual report
「As a result, compared with before applying the revenue recognition accounting standards and related standards, the consolidated income statement for the current consolidated fiscal year shows decreases of ¥763 million in net sales, ¥329 million in cost of sales, and ¥424 million in selling, general and administrative expenses, while operating profit, ordinary profit, and profit before income taxes decreased by ¥9 million each.」
The full-year impact from applying the revenue recognition accounting standards and related standards was a ¥763 million decrease in net sales, a ¥9 million decrease in operating profit and other items, and a ¥15 million decrease in retained earnings at the beginning of the period. - FY2022-Q3Cumulative update of the impact of applying accounting standardsAnnual report
「As a result, revenue for the cumulative third quarter decreased by ¥632 million, cost of sales decreased by ¥304 million, and selling, general and administrative expenses decreased by ¥311 million. Operating profit, ordinary profit and profit before income taxes for the quarter each decreased by ¥17 million. The beginning balance of retained earnings decreased by ¥15 million.」
The cumulative impact through the third quarter of the 54th fiscal year from applying the revenue recognition accounting standards and related standards was a ¥632 million decrease in net sales, a ¥17 million decrease in operating profit and other items, and a ¥15 million decrease in retained earnings at the beginning of the period. - FY2022-Q2Cumulative update of the impact of applying accounting standardsAnnual report
「As a result, revenue for the cumulative second quarter decreased by ¥323 million, cost of sales decreased by ¥146 million, and selling, general and administrative expenses decreased by ¥176 million. Operating profit, ordinary profit and profit before income taxes for the quarter each decreased by ¥0 million. The beginning balance of retained earnings decreased by ¥15 million.」
For the cumulative second quarter following application of the revenue recognition accounting standards, revenue decreased by ¥323 million, the impact on operating profit and related measures was ¥0 million, and retained earnings at the beginning of the fiscal year decreased by ¥15 million. - FY2022-Q1AchievedAnnual report
「The Company applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020) and related standards from the beginning of the current first quarter. 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. As a result, revenue for the cumulative first quarter decreased by ¥250 million, cost of sales decreased by ¥123 million, and selling, general and administrative expenses decreased by ¥85 million. Operating profit, ordinary profit and profit before income taxes for the quarter each decreased by ¥41 million.」
Application of the revenue recognition accounting standards began at the start of the fiscal year ending March 2022. In the first quarter, the impact included a ¥250 million decrease in revenue and a ¥41 million decrease in operating profit and related measures. - FY2021First statedAnnual report
「The Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020) ... (2) Scheduled date of application: The standard is scheduled to be applied from the beginning of the fiscal year ending March 2022. ... The impact on retained earnings at the beginning of the fiscal year is expected to be immaterial.」
The Company first explicitly stated that it planned to apply the Accounting Standard for Revenue Recognition and related standards from the beginning of the fiscal year ending March 2022, and expects the impact on retained earnings at the beginning of the fiscal year to be immaterial.