Accounting estimates based on an assumption of economic recovery from the fiscal year ending November 2021 onward
First written in FY2020-Q3. 3 of 8 entries say "Reframed", first in FY2020. Latest entry: FY2023-Q2.
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- FY2023-Q2ReframedAnnual report
「As of the end of the three months ended this second quarter, we recognize that real estate market conditions other than those for commercial facilities have already recovered. For commercial facilities, however, we expect the impact of COVID-19 to continue for the time being, with a gradual recovery toward the end of November 2023.」
Previously, the assumption was that recovery in hotels and commercial facilities would be delayed, but this time it was refined to assume that only commercial facilities would continue to be affected. - FY2022-Q2RestatedAnnual report
「As of the end of the second quarter of the current consolidated fiscal period, we recognise that real estate market conditions excluding hotels and commercial facilities have already recovered. For hotels and commercial facilities, however, we expect the impact of COVID-19 to continue for the time being and recovery to occur from the fiscal year ending November 2023 onward.」
The accounting estimate assumptions were reaffirmed: market conditions excluding hotels and commercial facilities have recovered, while recovery in hotels and commercial facilities will occur from the fiscal year ending November 2023 onward. - FY2022-Q1SoftenedAnnual report
「As of the end of the first quarter of the current consolidated fiscal period, we recognise that real estate market conditions excluding hotels and commercial facilities have already recovered. For hotels and commercial facilities, however, we expect the impact of COVID-19 to continue for the time being and recovery to occur from the fiscal year ending November 2023 onward.」
The expected recovery timing for hotels and commercial facilities was specified as from the fiscal year ending November 2023 onward, replacing the previous assumption of recovery from the following consolidated fiscal year onward, thereby postponing the assumed recovery. - FY2021-Q3RestatedAnnual report
「As of the end of the third quarter of the current consolidated fiscal period, we recognise that real estate market conditions excluding hotels and commercial facilities have already recovered. For hotels and commercial facilities, however, we expect the impact of COVID-19 to continue for the time being and recovery to occur from the following consolidated fiscal year onward. In light of these circumstances, during the nine months ended the end of the third quarter, we changed certain assumptions underlying accounting estimates relating to the valuation of some inventories and fixed assets.」
The accounting estimate assumptions were reaffirmed: market conditions excluding hotels and commercial facilities have recovered, while recovery in hotels and commercial facilities will occur from the following consolidated fiscal year onward. - FY2021-Q2ReframedAnnual report
「As of the end of the second quarter of the current consolidated fiscal period, we recognise that real estate market conditions excluding hotels and commercial facilities have already recovered. For hotels and commercial facilities, however, we expect the impact of COVID-19 to continue for the time being and recovery to occur from the following consolidated fiscal year onward. In light of these circumstances, during the six months ended the end of the second quarter, we changed certain assumptions underlying accounting estimates relating to the valuation of some inventories and fixed assets.」
The assumptions were refined to reflect that market conditions excluding hotels and commercial facilities had already recovered, while recovery in hotels and commercial facilities would occur from the following consolidated fiscal year onward, and the accounting estimates were also changed. - FY2021-Q1RestatedAnnual report
「Although it is difficult to accurately determine when the impact of COVID-19 will end, we have made accounting estimates, including the valuation of inventories, impairment losses on fixed assets and the recoverability of deferred tax assets, based on assumptions broadly consistent with those previously used: that the pandemic would end around autumn 2021, economic activity would gradually normalise, and real estate market conditions would recover to fiscal 2019 levels in the fiscal year ending November 2022.」
The accounting estimates continue to be based on the assumption that the pandemic will end around autumn 2021 and real estate market conditions will recover in the fiscal year ending November 2022. - FY2020ReframedAnnual report
「Although it is difficult to accurately determine when the impact of COVID-19 will end, we have made accounting estimates, including the valuation of inventories, impairment losses on fixed assets and the recoverability of deferred tax assets, based on assumptions broadly consistent with those previously used: that the pandemic would end around autumn 2021, economic activity would gradually normalise, and real estate market conditions would recover to fiscal 2019 levels in the fiscal year ending November 2022.」
The previous assumption of recovery from the fiscal year ending November 2021 onward was refined into assumptions specifying that the pandemic would end around autumn 2021 and real estate market conditions would recover in the fiscal year ending November 2022. - FY2020-Q3First statedAnnual report
「Although it is difficult to accurately determine when the impact of COVID-19 will end, we have made accounting estimates, including the valuation of inventories, impairment losses on fixed assets and the recoverability of deferred tax assets, based on the assumption that the economic environment will gradually recover and demand will normalise gradually from the fiscal year ending November 2021 onward.」
While acknowledging that the timing of the end of the pandemic cannot be accurately determined, the company is making accounting estimates, including inventory valuations, based on an assumption of a gradual recovery in the economic environment and demand from the fiscal year ending November 2021 onward.