Adoption of the Revenue Recognition Standard for the Fiscal Year Ending May 2022
First written in FY2019. 2 of 5 entries say "Restated". Latest entry: FY2022-Q3.
50 other companies' latest entry also says "Restated".
- FY2022-Q3RestatedAnnual report
「For transactions in which the Company's role in providing goods or other items to customers qualifies as an agent, consideration received from customers had previously been recognized as revenue on a gross basis, but revenue is now recognized on a net basis after deducting amounts paid to suppliers of the goods or other items from the consideration received from customers. As a result, net sales and cost of sales for the cumulative third-quarter consolidated period decreased by ¥13,235,799 thousand each. There was no impact on operating income, ordinary income or net income attributable to owners of the parent. There was also no impact on the balance of retained earnings at the beginning of the fiscal year.」
Following application of the Revenue Recognition Accounting Standard, the impact of net presentation of agent transactions on net sales and cost of sales for the cumulative third-quarter period was updated to ¥13,235,799 thousand, with no impact on the respective profit figures or retained earnings at the beginning of the fiscal year. - FY2022-Q2RestatedAnnual report
「As a result, net sales and cost of sales for the cumulative second-quarter consolidated period decreased by ¥8,656,668 thousand each. There was no impact on operating income, ordinary income or net income attributable to owners of the parent. There was also no impact on the balance of retained earnings at the beginning of the fiscal year.」
Following application of the Revenue Recognition Accounting Standard, net presentation of agent transactions reduced net sales and cost of sales for the cumulative second-quarter period by ¥8,656,668 thousand each, with no impact on operating income or other profit figures or on retained earnings. - FY2022-Q1AchievedAnnual report
「The Company adopted the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020, hereinafter the “Revenue Recognition Standard”) and related standards 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 promised goods or services when control of those goods or services transfers to the customer. For transactions in which the Company acts as an agent in providing goods or services to customers, the Company previously recognized the total consideration received from customers as revenue, but now recognizes revenue on a net basis after deducting amounts paid to suppliers. As a result, revenue and cost of sales for the three months ended the first quarter decreased by ¥3,869,664 thousand each. There was no impact on operating profit, ordinary profit or profit attributable to owners of the parent.」
Application of the Revenue Recognition Accounting Standard began at the start of the fiscal year ending May 2022. As a result of changing agent transactions to net presentation, net sales and cost of sales for the first quarter each decreased by ¥3,869,664 thousand, with no impact on the respective profit figures or retained earnings at the beginning of the fiscal year. - FY2021Revenue impact of application specifiedAnnual report
「The standard is scheduled to be applied from the beginning of the fiscal year ending May 2022. For transactions in which the Company's role in providing goods or other items to customers qualifies as an agent, consideration received from customers had previously been recognized as revenue on a gross basis. Following application of the standard, revenue will be recognized on a net basis, after deducting amounts paid to suppliers of the goods or other items from the consideration received from customers. This is expected to reduce net sales, but will have no impact on retained earnings at the beginning of the fiscal year.」
The planned application from the beginning of the fiscal year ending May 2022 was maintained. It was specified that agent transactions would change to net presentation and that, while net sales were expected to decrease, there would be no impact on retained earnings at the beginning of the fiscal year. - FY2019First statedAnnual report
「The planned effective date is the beginning of the fiscal year ending May 2022. The amount of the impact of applying the accounting standards and related guidance is being assessed in preparing the consolidated financial statements.」
It was stated for the first time that the revenue recognition accounting standard and related guidance would be applied from the beginning of the fiscal year ending May 2022, and that the amount of the impact was being assessed.