Early adoption of amendments to IAS 16
First written in FY2022-Q1. . Latest entry: FY2022.
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- FY2022Annual impact quantifiedAnnual report
「As a result of applying the standard, the Group’s profit for the current consolidated fiscal year increased by ¥219 million.」
Following the impact on quarterly profit from the early adoption of the amendments to IAS 16, the company disclosed that annual profit increased by ¥219 million. - FY2022-Q1First statedAnnual report
「The Group has early adopted the above amendments to IAS 16 from the first quarter of the current fiscal year. Under the amendments, revenue from the sale of items produced while bringing an asset to the location and condition necessary for it to operate as intended, and the costs associated with producing those items, are recognized in profit or loss. As a result of applying the standard, the Group’s quarterly profit for the six months ended the first quarter of the current fiscal year increased by ¥219 million.」
The company early adopted the amendments to IAS 16 from the first quarter of the current fiscal year, changing its accounting treatment to recognize in profit or loss the revenue from sales of items produced before an asset was ready for operation and the related costs. The adoption increased quarterly profit by ¥219 million.