Preparation for the future adoption of the new revenue recognition accounting standard and related standards
First written in FY2018. 1 of 3 entries say "Restated". Latest entry: FY2022-Q1.
34 other companies' latest entry also says "Achieved".
- FY2022-Q1AchievedAnnual report
「We applied the Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan Statement No. 29, 30 March 2020, hereinafter the “Revenue Recognition Accounting Standard”) and related standards from the beginning of the first quarter of the current consolidated fiscal year, and began recognizing revenue at the amount expected to be received in exchange for the promised goods or services when control of those goods or services is transferred to the customer.」
The Revenue Recognition Accounting Standard and related standards, which had been described as requiring preparation for future adoption, were applied from the beginning of the first quarter of the consolidated fiscal year beginning 1 April 2021. There was no impact on retained earnings, and the impact on the financial statements was considered immaterial. - FY2020-Q2RestatedAnnual report
「From the first quarter of the current consolidated fiscal year, we changed the method of recognizing the full brokerage fee as revenue when the delivery of the real estate was completed.」
It reiterates that, from the first quarter, brokerage fees at 住友不動産販売 have been recognized in full when delivery is completed. Under the retrospective application, operating revenue and other items for the second quarter of the previous year increased by ¥269 million compared with the previous method. - FY2018First statedAnnual report
「“Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, 30 March 2018) and “Implementation Guidance on Accounting Standard for Revenue Recognition” (ASBJ Guidance No. 30, 30 March 2018)」
The standard is scheduled to be applied from the beginning of the fiscal year ending March 2022, and sets out 5 steps: identifying contracts, identifying performance obligations, determining transaction prices, allocating transaction prices, and recognizing revenue when performance obligations are satisfied. The impact is still being assessed.