Future Application of the Accounting Standard for Revenue Recognition

「The Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Standard”) and related standards were applied from the beginning of the first quarter of the 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, for part of the revenue from the international freight forwarding business, revenue recognition was changed from gross to net after determining whether the company acts as a principal or an agent in providing goods or services to customers. In addition, for ocean transportation services in that business, revenue recognition was changed to recognition upon arrival after determining the performance obligations and when they are satisfied.」

「The Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Accounting Standard”) and other standards were adopted from the beginning of the current first quarter consolidated accounting period. Revenue is recognized at the amount expected to be received in exchange for promised goods or services when control of those goods or services is transferred to the customer.」

「The standard was scheduled to be applied from the beginning of the fiscal year ending March 2022.」

「The Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan Statement No. 29, 30 March 2018) and the Implementation Guidance on the Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan Guidance No. 30, 30 March 2018) are scheduled to be applied from the beginning of the fiscal year ending March 2022.」