Changes to Revenue and Cost Recognition Criteria for Lease and Installment Sales Transactions
First written in FY2022-Q3. 2 of 3 entries say "Restated". Latest entry: FY2023-Q1.
4 other companies' latest entry also says "Restated".
- FY2023-Q1RestatedAnnual report
「From the third quarter of the previous consolidated fiscal year, 札幌北洋リース, a consolidated subsidiary of the Bank, changed its standards for recognizing sales and cost of sales from installment sales transactions, with retrospective application of the change.」
The change in the standards for recognizing sales and cost of sales from installment sales transactions at 札幌北洋リース, together with its retrospective application, continues to be disclosed in the comparative information for the first quarter. - FY2022RestatedAnnual report
「Following the change to the lease system on 1 October 2021, accounting treatment more closely reflecting the substance of the transactions became possible, and from that date the company changed to recognizing sales and cost of sales when lease payments became due for collection.」
The change in the revenue and cost recognition standards for finance leases and installment sales transactions following the lease system change continues to be disclosed in the full-year financial statements. - FY2022-Q3First statedAnnual report
「札幌北洋リース, a consolidated subsidiary of the Bank, had recognized revenue and expenses from finance lease transactions when lease payments were received. Following a change to the lease system on 1 October 2021, accounting treatment more closely reflecting the substance of the transactions became possible, and from the third quarter of the current consolidated fiscal year the company changed to recognizing sales and cost of sales when lease payments become due for collection.」
Following the change to the lease system on 1 October 2021, recognition of finance lease revenue and expenses was changed from the time lease payments were received to the time they became due for collection. For installment sales transactions, the company also changed to a method under which the amount equivalent to principal is recorded as installment receivables and the amount equivalent to interest as sales, with retrospective application to prior periods. As a result of the change in installment sales accounting, ordinary revenue, ordinary expenses and other items for the cumulative third quarter of the previous year each decreased by ¥5.461 billion, with no impact on ordinary profit or other profit measures.