Future Adoption of the Accounting Standard for Revenue Recognition
First written in FY2019. 4 of 7 entries say "Cited as achieved", first in FY2022-Q2. Latest entry: FY2025.
No other company in this theme has enough history to compare yet.
- FY2025Cited as achievedAnnual report
「Shipping revenue attributable to voyages in progress at the end of the current consolidated fiscal year: ¥400.972 million」
The company continues to apply the voyage-progress basis under the Revenue Recognition Accounting Standard and disclosed shipping revenue of ¥400.972 million attributable to voyages in progress at fiscal year-end. - FY2022Cited as achievedAnnual report
「As a result, shipping revenue for the current consolidated fiscal year increased by ¥219.334 million, shipping expenses increased by ¥33.299 million, and operating profit, ordinary profit and profit before income taxes increased by ¥186.034 million each.」
Following the application of the Revenue Recognition Accounting Standard, the company disclosed the full-year impact of the change from the completed-voyage basis to the voyage-progress basis. The opening balance of retained earnings also increased by ¥35.708 million. - FY2022-Q3Cited as achievedAnnual report
「As a result, shipping revenue for the cumulative third quarter of the current consolidated fiscal year increased by ¥370.415 million, shipping expenses increased by ¥109.200 million, and operating profit, ordinary profit and profit before income taxes increased by ¥261.215 million each. The opening balance of retained earnings also increased by ¥35.708 million.」
The company has updated its disclosure of the impact for the cumulative third quarter of the Revenue Recognition Accounting Standard applied from the first quarter. It states that shipping revenue, operating profit and other items increased as a result of the change from the completed-voyage basis to the voyage-progress basis. - FY2022-Q2Cited as achievedAnnual report
「As a result, shipping revenue for the cumulative second quarter of the current consolidated fiscal year increased by ¥369.622 million, shipping expenses increased by ¥114.798 million, and operating profit, ordinary profit and profit before income taxes increased by ¥254.823 million each. The opening balance of retained earnings also increased by ¥35.708 million.」
Following the application of the Revenue Recognition Accounting Standard, the company specifically disclosed the impact for the cumulative period of the current quarter resulting from the change from the completed-voyage basis to the voyage-progress basis. - FY2022-Q1AchievedAnnual report
「The Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Accounting Standard”) and other standards have been applied from the beginning of the first quarter of the current consolidated fiscal year. 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. As a result, revenue from the ocean-going shipping business, which was previously recognized primarily under the completed-voyage basis, is now recognized under the voyage-progress basis.」
The Revenue Recognition Accounting Standard, which was scheduled for application from the fiscal year ending March 2022, was applied from the beginning of the first quarter of the current fiscal year, changing the recognition method for ocean-going shipping revenue from the completed-voyage basis to the voyage-progress basis. - FY2021AdvancedAnnual report
「The standards are scheduled to be applied from the beginning of the fiscal year ending March 2022. ... Previously, revenue from the ocean-going shipping business, which was recognized as revenue at a single point when a voyage was completed, will be recognized over the number of days of the voyage.」
The planned application of the revenue recognition standards from the fiscal year ending March 2022 continues, with details provided on the impact of changing the recognition of ocean-going shipping revenue from recognition upon completion of a voyage to recognition over the voyage period. - FY2019First statedAnnual report
「The Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 30 March 2018) and the Implementation Guidance on Accounting Standard for Revenue Recognition (ASBJ Guidance No. 30, 30 March 2018) are scheduled to be applied from the beginning of the fiscal year ending March 2022. The amount of the impact was under assessment at the time these consolidated financial statements were prepared.」
The company plans to apply the revenue recognition standards and other standards from the beginning of the fiscal year ending March 2022, and states that the amount of the impact on the financial statements is under evaluation.