Preparation for Applying the New Revenue Recognition and Fair Value Measurement Accounting Standards from the Fiscal Year Ending February 2023
First written in FY2022. 2 of 5 entries say "Advanced", first in FY2023-Q2. Latest entry: FY2023.
18 other companies' latest entry also says "Restated".
- FY2023RestatedAnnual report
「As a result, compared with before the application of the revenue recognition accounting standard and other standards, the consolidated statement of income for the fiscal year decreased by ¥1,679 million in net sales and ¥558 million in cost of sales, while operating income, ordinary income and profit before income taxes decreased by ¥1,120 million each.」
The full-year impact of the revenue recognition accounting standard applied from the beginning of the period was disclosed as ¥1,679 million on net sales and ¥1,120 million on operating income and related items. Disclosure of the accounting standard's application status and its impact has continued in the annual report. - FY2023-Q3AdvancedAnnual report
「As a result, for the cumulative consolidated period ended the third quarter, net sales decreased by ¥1,247 million and cost of sales decreased by ¥379 million, while operating income, ordinary income and profit before income taxes decreased by ¥867 million each. The beginning balance of retained earnings also decreased by ¥5,288 million.」
The impact of the revenue recognition accounting standard applied from the beginning of the first quarter was disclosed for the cumulative third-quarter period, with effects of ¥1,247 million on net sales, ¥867 million on operating income and related items, and ¥5,288 million on the beginning balance of retained earnings. - FY2023-Q2AdvancedAnnual report
「As a result, for the cumulative consolidated period ended the second quarter, net sales decreased by ¥723 million and cost of sales decreased by ¥297 million, while operating income, ordinary income and profit before income taxes decreased by ¥426 million each. The beginning balance of retained earnings also decreased by ¥5,288 million.」
The impact of the revenue recognition accounting standard applied from the beginning of the first quarter became clear for the first half, with effects of ¥723 million on net sales, ¥426 million on operating income and related items, and ¥5,288 million on the beginning balance of retained earnings. - FY2023-Q1AchievedAnnual report
「We applied the Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Accounting Standard”) and other standards from the beginning of the current first quarter of the consolidated fiscal year. Revenue is recognized at the point when control of the promised goods or services is transferred to the customer, at the amount expected to be received in exchange for those goods or services. As a result, net sales for the current cumulative first quarter decreased by ¥178 million, cost of sales decreased by ¥277 million, and operating profit, ordinary profit and profit before income taxes for the quarter each increased by ¥99 million. The beginning balance of retained earnings decreased by ¥5,288 million.」
The Revenue Recognition Accounting Standard, which had previously been identified for preparation as part of its application from the fiscal year ending February 2023, was actually applied from the beginning of the current first quarter. The revenue recognition methods for warranty services and sales with rights of return were changed, and the impacts on net sales, profit and retained earnings were disclosed. The fair value measurement accounting standards and other related standards were also applied from the beginning of the same quarter, with no impact on the quarterly consolidated financial statements. - FY2022First statedAnnual report
「Scheduled adoption date for the Accounting Standard for Revenue Recognition and other standards The standards will be applied from the beginning of the fiscal year ending February 2023. The impact of applying the Accounting Standard for Revenue Recognition and other standards on the consolidated financial statements is currently being assessed.」
The company indicated that it plans to apply the new revenue recognition accounting standard and related fair value measurement standards from the beginning of the fiscal year ending February 2023. The impact on the consolidated financial statements is still being assessed.