Application of the Accounting Standard for Revenue Recognition in the Fiscal Year Ending March 2022
First written in FY2020. 1 of 6 entries say "Achieved", first in FY2022-Q1. Latest entry: FY2024.
66 other companies' latest entry also says "Restated".
- FY2024RestatedAnnual report
「For construction contracts in the custom-built housing business whose performance obligations are satisfied over a specified period, revenue is recognized based on the progress toward satisfying the performance obligation.」
Following application of the Revenue Recognition Standard, the Company continues to recognize revenue based on progress for construction contracts whose performance obligations are satisfied over a specified period. - FY2022Final disclosure of the full-year impact of applicationAnnual report
「As a result, revenue for the consolidated fiscal year increased by ¥87,839 thousand, cost of revenue decreased by ¥1,669 thousand, and gross profit, operating profit, ordinary profit, and profit before income taxes increased by ¥89,509 thousand each. In addition, the opening balance of retained earnings increased by ¥17,688 thousand.」
The impact of applying the Revenue Recognition Standard for the full year was disclosed, showing increases of ¥87,839 thousand in revenue, ¥89,509 thousand in operating profit and other items, and ¥17,688 thousand in the opening balance of retained earnings. - FY2022-Q3Cumulative update of the impact of applying the accounting standardAnnual report
「As a result, revenue for the cumulative third-quarter consolidated period increased by ¥127,859 thousand, cost of revenue increased by ¥51,684 thousand, and gross profit, operating profit, ordinary profit, and profit before income taxes increased by ¥76,175 thousand each. In addition, the opening balance of retained earnings increased by ¥17,688 thousand.」
The impact through the cumulative third-quarter period of applying the Revenue Recognition Standard and related standards was disclosed, with revenue increasing by ¥127,859 thousand and gross profit, operating profit, ordinary profit, and profit before income taxes each increasing by ¥76,175 thousand. - FY2022-Q2Disclosure of the impact of application and changes in presentationAnnual report
「As a result, revenue for the cumulative second-quarter consolidated period increased by ¥127,524 thousand, cost of revenue decreased by ¥79,215 thousand, and gross profit, operating profit, ordinary profit, and profit before income taxes increased by ¥48,309 thousand each. In addition, the opening balance of retained earnings increased by ¥17,688 thousand.」
The impact through the cumulative second-quarter period of applying the Revenue Recognition Standard from the first quarter was disclosed in detail. Revenue increased by ¥127,524 thousand, while gross profit, operating profit, ordinary profit, and profit before income taxes each increased by ¥48,309 thousand. - FY2022-Q1AchievedAnnual report
「The Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Standard”) and related standards have been applied from the beginning of the first-quarter consolidated accounting period. Revenue is recognized 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. Accordingly, for construction contracts previously accounted for under the completed-contract method that satisfy performance obligations over a specified period, the Company has changed its method to recognize revenue over that period based on an estimate of the progress toward satisfying the performance obligation.」
The Revenue Recognition Standard and related standards, which had been scheduled for application from the fiscal year ending March 2022, were applied from the beginning of the first-quarter consolidated accounting period, and revenue recognition for construction contracts whose performance obligations are satisfied over a specified period was changed to a progress-based method. - FY2020First statedAnnual report
「The Accounting Standard for Revenue Recognition and related standards are scheduled to be applied from the beginning of the fiscal year ending March 2022. The impact of applying the Accounting Standard for Revenue Recognition and related standards on the consolidated financial statements is currently being assessed.」
The Company planned to adopt the revenue recognition standards from the beginning of the fiscal year ending March 2022 and was still assessing the impact on the financial statements.