Review of revenue presentation in the international transportation business and translation methods for overseas subsidiaries
First written in FY2017-Q2. 3 of 4 entries say "Restated". Latest entry: FY2019.
14 other companies' latest entry also says "Restated".
- FY2019RestatedAnnual report
「Previously, operating revenue in the international transportation business was presented on a net basis for transactions involving export consolidated cargo and other items conducted by the business's consolidated subsidiaries, with transportation fares and other cost of sales deducted from sales to customers. From the 179th fiscal year, the company changed to a gross presentation, separately presenting the relevant sales and cost of sales at their respective gross amounts as operating revenue and cost of sales.」
The change to gross presentation of revenue in the international transportation business continued to be disclosed as an accounting policy for the full fiscal year. - FY2017RestatedAnnual report
「Previously, operating revenue in the international transportation business was presented on a net basis for transactions involving export consolidated cargo and other items conducted by the business's consolidated subsidiaries, with transportation fares and other cost of sales deducted from sales to customers. From the current consolidated fiscal year, the company changed to a gross presentation, separately presenting the relevant sales and cost of sales at their respective gross amounts as operating revenue and cost of sales.」
The change to gross presentation of revenue in the international transportation business and the translation of overseas subsidiaries' revenue and expenses at the average rate for the period were disclosed as accounting policies for the full fiscal year. - FY2017-Q3RestatedAnnual report
「Previously, operating revenue in the international transportation business was presented on a net basis for transactions involving export consolidated cargo and other items conducted by the business's consolidated subsidiaries, with transportation fares and other cost of sales deducted from sales to customers. From the first-quarter consolidated accounting period, the company changed to a gross presentation, separately presenting the relevant sales and cost of sales at their respective gross amounts as operating revenue and cost of sales.」
The change to gross presentation of revenue in the international transportation business and the translation of overseas subsidiaries' revenue and expenses at the average rate for the period continued to be disclosed in the third quarter. - FY2017-Q2First statedAnnual report
「Previously, operating revenue in the international transportation business was presented on a net basis for transactions involving export consolidated cargo and other items conducted by the business's consolidated subsidiaries, with transportation fares and other cost of sales deducted from sales to customers. From the first-quarter consolidated accounting period, the company changed to a gross presentation, separately presenting the relevant sales and cost of sales at their respective gross amounts as operating revenue and cost of sales. This change was made because the business had assumed a stronger role as the transportation party in transactions involving export consolidated cargo, its principal business, making it possible to identify transportation fares and other cost of sales following revisions to the core operating systems of its major consolidated subsidiaries. In addition, after reconsidering the method of presenting operating revenue in anticipation of the future expansion of the Group's global operations, the company determined that gross presentation more appropriately reflects the business activities of the international transportation business.」
In anticipation of the global expansion of the international transportation business, the company revised its core operating systems and changed the method of identifying revenue and costs. It also changed the translation method for the revenue and expenses of overseas subsidiaries from the closing-date rate to the average rate for the period.