Preparing to Adopt the Accounting Standard for Revenue Recognition
First written in FY2018. 2 of 5 entries say "Restated". Latest entry: FY2022-Q3.
- FY2022-Q3RestatedAnnual report
「As a result, revenue from the construction business for the nine months ended the end of the third quarter of the current consolidated fiscal year decreased by ¥159.775 million, while cost of sales also decreased by the same amount, resulting in no impact on profit or loss for the nine months ended the end of the third quarter of the current consolidated fiscal year. The impact on profit or loss of the other businesses was immaterial.」
After applying the revenue recognition standard, revenue and cost of sales in the construction business both decreased by ¥159.775 million, resulting in no impact on profit or loss. - FY2022-Q2RestatedAnnual report
「For the construction business, the percentage-of-completion method had been applied to construction contracts where the certainty of the outcome of work performed to date could be recognized, while the completed-contract method had been applied to contracts for which the progress rate could not be estimated. The company has changed to a method of recognizing revenue over a certain period as performance obligations are satisfied for all construction contracts. As a result, revenue from the construction business for the six months ended the end of the second quarter of the current consolidated fiscal year increased by ¥290.002 million, while cost of sales also increased by the same amount, resulting in no impact on profit or loss for the six months ended the end of the second quarter of the current consolidated fiscal year.」
After applying the revenue recognition standard, revenue from the construction business increased by ¥290.002 million, but cost of sales also increased by the same amount, resulting in no impact on profit or loss. - FY2022-Q1AchievedAnnual report
「The company applied the Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan Statement No. 29, 31 March 2020) and related standards from the beginning of the first quarter of the current 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 transfers to the customer.」
The revenue recognition standard, which had been in the preparation stage, was actually applied from the beginning of the first quarter of the current consolidated fiscal year. - FY2021AdvancedAnnual report
「The impact of applying the Accounting Standard for Revenue Recognition and related standards is immaterial.」
The company continues to plan application from the beginning of the fiscal year ending March 2022 and assesses the impact of application as immaterial. - FY2018First statedAnnual report
「The Accounting Standard for Revenue Recognition and the Implementation Guidance on the Accounting Standard for Revenue Recognition are scheduled to be applied from the beginning of the fiscal year ending March 2022. The amount of the impact is being assessed in preparing the consolidated financial statements.」
The company plans to apply the new revenue recognition standard from the beginning of the fiscal year ending March 2022 and is assessing the impact on the financial statements.