Revenue recognition and net presentation of sell-through transactions following the adoption of IFRS 15
First written in FY2019-Q1. 3 of 6 entries say "Restated". Latest entry: FY2023-Q3.
1 other company's latest entry also says "Restated".
- FY2023-Q3RestatedAnnual report
「We adopted the Accounting Standard for Revenue Recognition and related standards from the beginning of the first quarter of the current fiscal year and recognize revenue at the amount expected to be received in exchange for the promised goods or services when control of those goods or services transfers to the customer.」
The company continues to apply the accounting standard for revenue recognition and has made disclosures based on the accounting policy under which the revenue recognition methods for consignment sales, points and the company’s own gift certificates, among others, were changed. - FY2023-Q1AchievedAnnual report
「The Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Accounting Standard”) and other standards were adopted from the beginning of the current first quarter consolidated accounting period. Revenue is recognized at the amount expected to be received in exchange for promised goods or services when control of those goods or services is transferred to the customer.」
The accounting standard for revenue recognition, which had been scheduled for application in the previous fiscal year, was applied from the beginning of the current first quarter, changing the revenue recognition methods for consignment sales, points and the company’s own gift certificates, among others. - FY2021ReframedAnnual report
「“Accounting Standard for Revenue Recognition” … (2) Scheduled date of application: This standard will be applied from the beginning of the fiscal year ending February 2023. (3) Impact of application of the accounting standard and related guidance: … The impact is currently being assessed.」
In addition to applying IFRS 15 at overseas subsidiaries, the company indicated that it plans to apply Japan’s accounting standard for revenue recognition to domestic companies from the fiscal year ending February 2023. - FY2019-Q3RestatedAnnual report
「As a result of this change, revenue from the relevant transactions was changed from gross to net presentation. Compared with before the retrospective application, net sales and cost of sales for the cumulative third quarter of the previous fiscal year each decreased by ¥29,386 million, while there was no impact on gross profit, operating gross profit, operating profit, ordinary profit or profit before income taxes for the quarter.」
The net presentation of consignment sales transactions at overseas consolidated subsidiaries following the adoption of IFRS 15 was continued, with the impact on net sales and cost of sales for the cumulative third quarter of the previous fiscal year stated as ¥29,386 million. - FY2019-Q2RestatedAnnual report
「As a result, revenue from the relevant transactions was changed from gross to net presentation, reducing operating revenue from external customers in the Department Store segment for the cumulative second quarter of the previous fiscal year by ¥19,700 million compared with before the retrospective application. There was no impact on segment profit.」
The net presentation of consignment sales transactions at overseas consolidated subsidiaries following the adoption of IFRS 15 was continued, with the impact of retrospective application on operating revenue for the same period of the previous year stated as ¥19,700 million. - FY2019-Q1First statedAnnual report
「Following the adoption of IFRS 15, “Revenue from Contracts with Customers,” for fiscal years beginning on or after 1 January 2018, overseas consolidated subsidiaries that prepare consolidated financial statements in accordance with IFRS have, from the current first-quarter consolidated accounting period, recognized revenue from the non-redemption portion of unredeemed gift certificates in proportion to the rate at which customers used them. For consignment sales transactions at overseas consolidated subsidiaries, the accounting treatment has also been changed so that the amount equivalent to gross profit is recognized as net sales.」
Following the adoption of IFRS 15, the revenue recognition method for the non-redemption portion of unredeemed gift certificates was changed, and consignment sales transactions at overseas consolidated subsidiaries were changed from gross to net presentation.