Change in the Presentation Classification of Dividends Received from Group Credit Life Insurance and Other Policies
First written in FY2023-Q1. 2 of 3 entries say "Restated". Latest entry: FY2023.
1 other company's latest entry also says "Restated".
- FY2023RestatedAnnual report
「Dividends received from group credit life insurance and other policies, previously recorded under “Other ordinary income,” have been recorded under “Fees and commissions expenses” from the current consolidated fiscal year. To reflect this change in presentation, the consolidated financial statements for the previous consolidated fiscal year were reclassified.」
It continued to record dividends received from group credit life insurance and other policies under “Fees and commissions expenses” in the annual financial statements and reclassified the previous year's figures. - FY2023-Q3RestatedAnnual report
「Dividends received from group credit life insurance and other policies, previously recorded under “Other ordinary income,” are now recorded under “Fees and commissions expenses” from the current first quarter of the consolidated fiscal year. The bank reviewed the accounting treatment following changes to contracts relating to premiums paid and dividends received under certain group credit life insurance policies, as well as the expected increase in such insurance contracts. It determined that recording as an expense the amount after deducting dividends received from premiums paid was more appropriate from the perspective of presenting the insurance premiums that should properly be borne. To reflect this change in presentation, the quarterly consolidated financial statements for the previous third quarter cumulative period were reclassified. As a result, “Other ordinary income” of ¥1,214 million and “Fees and commissions expenses” of ¥1,714 million reported in the quarterly consolidated statement of income for the previous third quarter cumulative period were presented as “Other ordinary income” of ¥935 million and “Fees and commissions expenses” of ¥1,435 million.」
It continues to record dividends received from group credit life insurance and other policies under “Fees and commissions expenses” from the first quarter and disclosed the reclassification of the presentation for the previous third quarter cumulative period. - FY2023-Q1First statedAnnual report
「Dividends received from group credit life insurance and other policies, previously recorded under “Other ordinary income,” are now recorded under “Fees and commissions expenses” from the current first quarter of the consolidated fiscal year. The bank reviewed the accounting treatment following changes to contracts relating to premiums paid and dividends received under certain group credit life insurance policies, as well as the expected increase in such insurance contracts. It determined that recording as an expense the amount after deducting dividends received from premiums paid was more appropriate from the perspective of presenting the insurance premiums that should properly be borne.」
The bank reviewed the accounting treatment for dividends received from group credit life insurance and other policies and, from the current first quarter, changed the presentation from “Other ordinary income” to “Fees and commissions expenses.” The presentation for the same period of the previous year was also reclassified.