Uncertainty in Accounting Estimates Based on Prolonged COVID-19 Impacts
First written in FY2021-Q1. 4 of 13 entries say "Worsened", first in FY2022-Q1. Latest entry: FY2024.
The whole theme swung hardest in 2026: 5 of 22 companies on the "Worse" side.
- FY2024DroppedAnnual report
「Although revenue and operating profit have been gradually recovering since March 2022, the Company has prepared its accounting estimates based on the assumption that the consumer environment in the apparel and fashion industries would not return to pre-pandemic levels and that the impact would continue through February 2023.」
The accounting estimates based on the prolonged impact of COVID-19 that had been disclosed in prior years are not included in this filing. Instead, estimates for inventories and deferred tax assets are disclosed. - FY2023SoftenedAnnual report
「Although revenue and operating profit have been gradually recovering since February 2023, the Company has prepared its accounting estimates, primarily by considering the recoverability of deferred tax assets, based on the assumption that the consumer environment in the apparel and fashion industries would not fully return to pre-pandemic levels and that the impact would continue. Although these estimates represent the best estimates available at present, the assumptions used involve uncertainty. If the degree of impact from COVID-19 changes, the results of the above estimates may be affected, potentially affecting the Company's financial position, operating results and cash flows.」
The Company expects a recovery trend from February 2023 onward while maintaining the assumption that conditions will not fully return to pre-pandemic levels. The wording has been softened from “uncertainty is significant” to “uncertainty exists,” and the specific end date is no longer stated. - FY2023-Q3ReframedAnnual report
「Although revenue and operating profit have been gradually recovering since December 2022, the Company has prepared its accounting estimates, primarily by considering future cash flows under the going-concern assumption, based on the assumption that the consumer environment in the apparel and fashion industries would not return to pre-pandemic levels and that the impact would continue.」
The Company has organized its assumptions around an expected recovery trend from December 2022 onward, while assuming that the consumer environment would not return to pre-pandemic levels and that the impact would continue. - FY2023-Q2WorsenedAnnual report
「Although revenue and operating profit have been gradually recovering since September 2022, the Company has prepared its accounting estimates, primarily by considering future cash flows under the going-concern assumption, based on the assumption that the consumer environment in the apparel and fashion industries would not return to pre-pandemic levels and that the impact would continue through February 2023.」
The assumed start of the recovery has changed from March 2022 or later to September 2022 or later, while the assumption has been maintained that the consumer environment would not return to pre-pandemic levels and that the impact would continue through February 2023. - FY2023-Q1RestatedAnnual report
「Although revenue and operating profit have been gradually recovering since March 2022, the Company has prepared its accounting estimates, primarily by considering future cash flows under the going-concern assumption, based on the assumption that the consumer environment in the apparel and fashion industries would not return to pre-pandemic levels and that the impact would continue through February 2023.」
While recognizing the recovery trend in revenue and operating profit, the Company continues to state that the consumer environment would not return to pre-pandemic levels, that the impact would continue through February 2023, and that this assumption involves significant uncertainty. - FY2022WorsenedAnnual report
「In light of the above circumstances, although revenue and operating profit have been gradually recovering, the Company has prepared its accounting estimates based on the assumption that the consumer environment in the apparel and fashion industries would not return to pre-pandemic levels and that the impact would continue.」
The assumption has changed from the previous time-based assumption that the impact of the pandemic would continue until the fiscal year ending February 2022 to the assumption that the consumer environment would not return to pre-pandemic levels and that the impact would continue. Circumstances related to Ukraine have also been added as a source of uncertainty. - FY2022-Q3SoftenedAnnual report
「Although economic activity had begun to restart while sufficient infection-control measures were being taken, the Company did not change its assumption that the impact on the consumer environment in the apparel and fashion industries would continue until the fiscal year ending February 2022, despite a recovery in revenue and operating profit, and has maintained a conservative revenue estimate.」
The Company has maintained the assumption that the impact of the pandemic would continue until the fiscal year ending February 2022, while also stating that economic activity had restarted and that revenue and operating profit were recovering. The wording has changed from “changed to a more conservative estimate” in the previous disclosure to indicate that a conservative estimate is being maintained. - FY2022-Q2WorsenedAnnual report
「Although economic activity was beginning to restart as vaccination progressed, based on the assumption of coexisting with COVID-19, the Company continued to assume that the impact on the consumer environment in the apparel and fashion industries would continue until the fiscal year ending February 2022 despite a gradual recovery, and changed its revenue estimate to a more conservative one, primarily by considering future cash flows under the going-concern assumption.」
The Company states that it has maintained the assumption that the impact of the pandemic would continue until the fiscal year ending February 2022 while changing its revenue estimate to a more conservative one. The impact of the pandemic incorporated into the accounting estimates has increased. - FY2022-Q1WorsenedAnnual report
「The Company has prepared its accounting estimates, primarily by considering future cash flows under the going-concern assumption, based on the assumption that the impact of COVID-19 would continue and that the consumer environment in the apparel and fashion industries would not recover quickly throughout the fiscal year ending February 2022. Although these estimates represent the best estimates available at present, the assumptions used involve significant uncertainty. Accordingly, if the expected timing of the end of the COVID-19 pandemic or its impact on the economic environment changes, the results of the above estimates may be affected, potentially affecting the Company's financial position, operating results and cash flows.」
The Company has assumed that the consumer environment would not recover quickly throughout the fiscal year ending February 2022, and has changed its description of the uncertainty in the assumptions used for the estimates from “a certain degree of uncertainty” to “significant.” The accounting uncertainty based on the impact of the pandemic has increased. - FY2021SoftenedAnnual report
「Although these accounting estimates represent the best estimates available at present, the assumptions used involve a certain degree of uncertainty,」
The accounting assumption that the impact of COVID-19 would continue until the fiscal year ending February 2022 has been maintained, but the wording has changed from “involves significant uncertainty” in the previous disclosure to “involves a certain degree of uncertainty.” - FY2021-Q3RestatedAnnual report
「In light of the above circumstances, although revenue and operating profit have been gradually recovering, the Company has prepared its accounting estimates, primarily by considering future cash flows under the going-concern assumption, based on the assumption that the impact on the consumer environment in the apparel and fashion industries would continue until the fiscal year ending February 2022.」
The Company continues to describe the framework for preparing accounting estimates based on the assumption that the impact on the consumer environment would continue until the fiscal year ending February 2022. It also continues to state that the estimates incorporate the possibility of a resurgence of infections and declarations of a state of emergency, and that the assumptions involve significant uncertainty. - FY2021-Q2RestatedAnnual report
「Although revenue and operating profit have been gradually recovering, the Company has prepared its accounting estimates, primarily by considering future cash flows under the going-concern assumption, based on the assumption that the impact on the consumer environment in the apparel and fashion industries would continue until the fiscal year ending February 2022. Although these estimates represent the best estimates available at present, the assumptions used involve significant uncertainty. If the expected timing of the end of the COVID-19 pandemic or its impact on the economic environment changes, the results of the above estimates may be affected, potentially affecting the Company's financial position, operating results and cash flows.」
The Company continues to state that the impact on the consumer environment is assumed to continue until the fiscal year ending February 2022 and that this assumption involves significant uncertainty. - FY2021-Q1First statedAnnual report
「Although revenue and operating profit have been gradually recovering since June 2020, the Company has prepared its accounting estimates, primarily by considering future cash flows under the going-concern assumption, based on the assumption that the impact on the consumer environment in the apparel and fashion industries would continue until the beginning of the fiscal year ending February 2022. Although these estimates represent the best estimates available at present, the assumptions used involve significant uncertainty. If the expected timing of the end of the COVID-19 pandemic or its impact on the economic environment changes, the results of the above estimates may be affected, potentially affecting the Company's financial position, operating results and cash flows.」
The Company has prepared its accounting estimates based on the assumption of a gradual recovery from June 2020 and that the impact on the consumer environment would continue until the beginning of the fiscal year ending February 2022. It states that this assumption involves significant uncertainty and that changes in the timing of the end of the pandemic or in the economic environment could affect its financial position, operating results and cash flows.