Preparing for the Adoption of New U.S. Accounting Standards and Assessing Their Impact
First written in FY2018-Q1. 25 of 28 entries say "Advanced", first in FY2018-Q2. Latest entry: FY2026-H1.
1 other company's latest entry also says "Advanced".
- FY2026-H1AdvancedAnnual report
「The company and its subsidiaries have applied this update to annual disclosure requirements from the consolidated fiscal year beginning 1 April 2024 and to interim disclosure requirements from 1 April 2025. This update concerns disclosure provisions and has had no impact on their results of operations or financial position.」
The US GAAP standard on improvements to reportable segment disclosures, which had already been applied to annual disclosures, was also applied to interim disclosures from 1 April 2025. Application had no impact on results of operations or financial position. - FY2025AdvancedAnnual report
「The company and its subsidiaries have applied this update from 1 January 2025. Application of this update had no material impact on their results of operations or financial position.」
The company applied the US GAAP update on the formation of joint ventures on 1 January 2025 and disclosed that it had no material impact on results of operations or financial position. - FY2025-H1AdvancedAnnual report
「The company and its subsidiaries applied this update on 1 April 2024, electing the modified retrospective approach with a cumulative adjustment to retained earnings at the beginning of the year of adoption. The impact on their financial position was a ¥157 million decrease in other assets and a ¥157 million decrease in retained earnings on the consolidated balance sheet.」
The company applied Accounting Standards Update No. 2023-02 on tax credit structures on 1 April 2024, resulting in a ¥157 million decrease in both other assets and retained earnings. - FY2024AdvancedAnnual report
「The company and its subsidiaries plan to apply this update on 1 April 2024. They do not expect its application to have a material impact on their results of operations or financial position.」
The company disclosed planned adoption from 1 April 2024 of new US GAAP standards on contracts under common control, tax credit structures, reportable segment disclosures and other matters. The business combinations standard was early adopted from 1 April 2023 and had no material impact. - FY2024-Q3AdvancedAnnual report
「The company and its subsidiaries plan to apply this update on 1 April 2024. The impact of changes to their disclosures required by this update is currently under review.」
For new US GAAP standards, the company plans to apply the standards on reportable segment disclosures, leases under common control, tax credit structures and other matters on 1 April 2024, and continues to assess their disclosure and financial impacts. - FY2024-Q2AdvancedAnnual report
「The company and its subsidiaries have applied this update prospectively from 1 April 2023. Application of this update had no material impact on their results of operations or financial position.」
The company applied Accounting Standards Update No. 2022-02 on troubled debt restructurings and vintage disclosures from 1 April 2023 and disclosed that it had no material impact. It also applied the disclosure standard for supplier finance programs from the same date. - FY2024-Q1AdvancedAnnual report
「From 1 April 2023, the company applied Accounting Standards Update No. 2018-12, Improvements to the Accounting for Long-Duration Contracts—Targeted Improvements (Accounting Standards Codification 944, Financial Services—Insurance), hereinafter referred to as the LDTI standard, using the modified retrospective approach with 1 April 2021 as the transition date.」
The company actually applied the LDTI standard for long-duration insurance contracts from 1 April 2023, using 1 April 2021 as the transition date. It recognized, among other items, a ¥28,937 million increase in insurance contract liabilities at the transition date and disclosed the post-adoption impact on insurance contract liabilities, discount rates and deferred acquisition costs. - FY2023AdvancedAnnual report
「The company and its subsidiaries plan to apply these updates using the modified retrospective approach, with an adoption date of 1 April 2023 and a transition date of 1 April 2021. Application of these updates will change the measurement method for future policy benefit liabilities and other items.」
For US GAAP on long-duration insurance contracts, the company plans to apply the standard on 1 April 2023 and has specified its estimates of the impact on the transition date and insurance contract liabilities, among other items. - FY2023-Q3AdvancedAnnual report
「The company and its subsidiaries had planned to apply this update on 1 April 2023, but, after considering its application to newly acquired companies, early adopted it from the third quarter of the current fiscal year. They applied it retrospectively to business combinations with acquisition dates on or after 1 April 2022, but there were no transactions subject to application in the first or second quarters of the current fiscal year. Application of this update had no material impact on the company’s or its subsidiaries’ results of operations or financial position.」
For Accounting Standards Update No. 2021-08 on contract assets and contract liabilities in business combinations, the company moved from planned adoption on 1 April 2023 to early adoption in the third quarter of the current fiscal year and disclosed that there was no material impact. - FY2023-Q1AdvancedAnnual report
「The company and its subsidiaries have applied this update on 1 April 2022 using a prospective approach for leases commencing or modified after the adoption date. Application of this update had no material impact on their results of operations or financial position.」
The company applied the US GAAP update on variable lease payments for lessors on 1 April 2022 and disclosed that it had no material impact on results of operations or financial position. - FY2022-Q3AdvancedAnnual report
「Beginning in the third quarter of the current fiscal year, the company and its subsidiaries have applied part of the optional practical expedients related to contract modifications and hedge accounting, primarily to reduce the administrative burden of accounting for contract modifications arising from the replacement of reference rates affected by interest rate benchmark reform. Application of these updates had no material impact on their results of operations or financial position, and no material impact is expected in future reporting periods.」
The company applied part of the optional accounting practical expedients related to interest rate benchmark reform from the third quarter and disclosed that the application had no material impact. - FY2022-Q2AdvancedAnnual report
「The company and its subsidiaries plan to apply this update on 1 April 2022. The impact of applying this update on their results of operations and financial position is currently under review. The company and its subsidiaries plan to apply this update on 1 April 2023. The impact of applying this update on their results of operations and financial position, as well as the impact of changes to disclosures required by the update, is currently under review.」
The company plans to apply the new standard on variable lease payments for lessors on 1 April 2022 and the new standard on contract assets and contract liabilities in business combinations on 1 April 2023, and continues to assess their impact. - FY2022-Q1AdvancedAnnual report
「The company and its subsidiaries have applied this update from 1 April 2021. The main impact on their financial position at the adoption date was a ¥215 million decrease in income taxes payable and a ¥215 million increase in retained earnings on the consolidated balance sheet. There was also no material impact on results of operations for the current first-quarter cumulative period or on financial position at the end of the current first-quarter consolidated accounting period compared with applying the previous accounting standards.」
The company applied the new income tax accounting standard on 1 April 2021, recognizing a ¥215 million decrease in income taxes payable and a ¥215 million increase in retained earnings. It continues to assess the impact of the long-duration insurance contracts standard, scheduled for adoption on 1 April 2023, and the standard on variable lease payments for lessors, scheduled for adoption on 1 April 2022. - FY2021AdvancedAnnual report
「The company and its subsidiaries have applied these updates on 1 April 2020 by cumulatively adjusting retained earnings at the beginning of the fiscal year of adoption. As a result, on the consolidated balance sheet, the allowance for credit losses increased by ¥31,745 million, other liabilities related to off-balance-sheet credit exposures increased by ¥28,294 million, and retained earnings decreased by ¥42,855 million.」
The company applied the credit losses standard and disclosed its full-year cumulative impact on the allowance, off-balance-sheet-related liabilities and retained earnings. - FY2021-Q3AdvancedAnnual report
「The company and its subsidiaries plan to apply this update on 1 April 2021. The impact of applying this update on their results of operations and financial position, as well as the impact of changes to disclosures required by the update, is currently under review.」
The company disclosed planned adoption on 1 April 2021 and an impact assessment for new US GAAP standards on income taxes, equity securities, the equity method and hedging. The long-duration insurance contracts standard is scheduled for adoption on 1 April 2023. - FY2021-Q1AdvancedAnnual report
「The company and its subsidiaries have applied these updates on 1 April 2020 by cumulatively adjusting retained earnings at the beginning of the fiscal year of adoption. As a result, on the consolidated balance sheet, the allowance for credit losses increased by ¥31,745 million, other liabilities related to off-balance-sheet credit exposures increased by ¥28,294 million, and retained earnings decreased by ¥42,855 million.」
The company actually applied the new credit losses standard from 1 April 2020 and disclosed increases in the allowance for credit losses and liabilities related to off-balance-sheet credit exposures, as well as the cumulative impact on retained earnings. - FY2020AdvancedAnnual report
「The company and its subsidiaries will apply these updates on 1 April 2020. Based on their assessments and best estimates to date, the change in the measurement method for the allowance for credit losses is expected to result in an increase of approximately ¥32,000 million in the allowance for credit losses, an increase of approximately ¥29,000 million in other liabilities related to off-balance-sheet credit exposures, and a decrease of approximately ¥44,000 million in retained earnings.」
The new lease standard has been applied since 1 April 2019. The new credit losses standard is scheduled for adoption on 1 April 2020, and the expected increases in the allowance for credit losses and related items have been specified. - FY2020-Q3AdvancedAnnual report
「The company and its subsidiaries will apply these updates on 1 April 2020. They have substantially completed development of the expected credit loss model. They plan to continue validating and improving the model and to develop the related policies, systems and internal controls.」
For the new credit losses standard, the company maintained its planned adoption date of 1 April 2020 and substantially completed development of the expected credit loss model. It plans to validate and improve the model and develop the related policies, systems and internal controls, and expects the allowance for doubtful accounts to increase. - FY2020-Q2RestatedAnnual report
「The company and its subsidiaries have applied these updates, including Accounting Standards Update No. 2019-01, from 1 April 2019, using the first day of the fiscal year of adoption as the adoption date.」
The company continues to disclose that it applied the new lease standard from 1 April 2019, reporting right-of-use assets of ¥269,640 million and lease liabilities of ¥266,166 million at the end of the second quarter. - FY2020-Q1AdvancedAnnual report
「The company and its subsidiaries have applied these updates, including Accounting Standards Update No. 2019-01, from 1 April 2019, using the first day of the fiscal year of adoption as the adoption date.」
The company actually applied the new lease standard from 1 April 2019 and recognized right-of-use assets of ¥281,698 million and lease liabilities of ¥277,935 million. It plans to apply the new credit losses standard from 1 April 2020, expects an increase in the allowance for doubtful accounts, and continues to assess the impact. - FY2019AdvancedAnnual report
「The company and its subsidiaries have applied these updates from 1 April 2018 using an approach that recognizes the cumulative effect for contracts for which revenue recognition was not complete at the adoption date.」
The company disclosed for the full fiscal year that it had actually applied the new revenue recognition, equity securities and intercompany asset transfer standards from 1 April 2018. It also updated the planned adoption dates of the new lease and other standards to 1 April 2019, 1 April 2020 and 1 April 2021. - FY2019-Q3AdvancedAnnual report
「The company and its subsidiaries will apply these updates on 1 April 2019, using the first day of the fiscal year of adoption as the adoption date.」
The company disclosed planned adoption of the new lease and hedge accounting standards on 1 April 2019, the credit losses and goodwill impairment standards on 1 April 2020, and the long-duration insurance contracts standards and other standards on 1 April 2021, and continues to assess their impact. It also disclosed planned adoption of the fair value measurement and defined benefit plan disclosure standards from the fiscal year ending March 2021. - FY2019-Q2AdvancedAnnual report
「The company and its subsidiaries have early adopted the removal of disclosure requirements from the second quarter of the current fiscal year. They plan to apply the amendments relating to improved and additional disclosures from the fiscal year ending March 2021.」
For new US GAAP standards, the company early adopted the removal of disclosure requirements from the current quarter and plans to apply the additional and improved disclosure requirements from the fiscal year ending March 2021. - FY2019-Q1AdvancedAnnual report
「The company and its subsidiaries have applied these updates from 1 April 2018 using an approach that recognizes the cumulative effect for contracts for which revenue recognition was not complete at the adoption date.」
The company actually applied the new revenue recognition standard, the recognition and measurement standard for equity securities, and the US GAAP standard on transfers of assets between consolidated entities from 1 April 2018. It disclosed adoption-date increases in retained earnings of ¥405 million, ¥2,899 million and ¥3,772 million, among others, and stated that the revenue recognition standard had no material impact on results of operations or financial position for the current quarter. - FY2018AdvancedAnnual report
「The company and its subsidiaries will apply these updates on 1 April 2018 using the cumulative-effect approach for contracts not completed at the adoption date.」
The company continues to plan adoption of the new revenue recognition standard on 1 April 2018. Under the equity securities standard, it disclosed estimated decreases of ¥2,899 million in accumulated other comprehensive income and increases of ¥2,899 million in retained earnings at the adoption date, and an estimated increase of ¥3,772 million in retained earnings under the standard on transfers of assets between entities under common control. - FY2018-Q3RestatedAnnual report
「The company and its subsidiaries will apply these updates on 1 April 2018 using the cumulative-effect approach for contracts not completed at the adoption date.」
For new US GAAP standards, including the new revenue recognition standard, the company continues to indicate planned adoption on 1 April 2018 using the cumulative-effect approach. - FY2018-Q2AdvancedAnnual report
「The company and its subsidiaries have applied this update from 1 April 2017. The application of this update had no impact on the company’s or its subsidiaries’ results of operations or financial position.」
The company applied new standards on simplifying inventory measurement and equity method accounting, and the new standard on variable interest entities, from 1 April 2017, and disclosed that they had no impact. It also updated the planned adoption dates and impact assessments for standards covering equity securities, leases, credit losses and hedge accounting, among others. - FY2018-Q1First statedAnnual report
「At present, the company and its subsidiaries plan to adopt these updates on 1 April 2018 using the cumulative-effect approach.」
The company plans to adopt the new revenue recognition standard on 1 April 2018 and expects it to affect the timing of recognizing performance fees in the asset management business. It has also disclosed planned adoption dates of 1 April 2018 or 1 April 2019, among others, for new accounting standards covering financial assets and financial liabilities, leases, credit losses and goodwill impairment, and is assessing their impact on the consolidated financial statements.