Preparing to Apply New Accounting Standards, Including Revenue Recognition
First written in FY2020. 4 of 7 entries say "Restated". Latest entry: FY2023-Q3.
- FY2023-Q3RestatedAnnual report
「Accordingly, gas sales revenue had previously been recognised under the meter-reading-date method, whereby usage was measured through monthly meter readings and the resulting charges were recognised as revenue for the month. We have changed to a method of estimating and recognising revenue generated between the date of the meter reading conducted in the settlement month and the settlement date, based on Paragraph 103-2 of the Implementation Guidance on Accounting Standard for Revenue Recognition. As a result, compared with before retrospective application, net sales, operating profit, ordinary profit and profit before income taxes and other adjustments for the cumulative third quarter of the previous fiscal year each increased by ¥14,365 million.」
The method of estimating and recognising gas sales revenue for the period not yet covered by meter readings continued to be applied, and the ¥14,365 million increase in each profit measure and other items for the previous year's cumulative third quarter resulting from retrospective application was disclosed. - FY2023-Q2RestatedAnnual report
「Accordingly, gas sales revenue had previously been recognised under the meter-reading-date method, whereby usage was measured through monthly meter readings and the resulting charges were recognised as revenue for the month. We have changed to a method of estimating and recognising revenue generated between the date of the meter reading conducted in the settlement month and the settlement date, based on Paragraph 103-2 of the Implementation Guidance on Accounting Standard for Revenue Recognition.」
The change in gas sales revenue recognition from the meter-reading-date method to estimated recognition for the period not yet covered by meter readings, following application of the revenue recognition standard and related guidance, continued to be disclosed. - FY2023-Q1AdvancedAnnual report
「Accordingly, gas sales revenue had previously been recognised under the meter-reading-date method, whereby usage was measured through monthly meter readings and the resulting charges were recognised as revenue for the month. We have changed to a method of estimating and recognising revenue generated between the date of the meter reading conducted in the settlement month and the settlement date, based on Paragraph 103-2 of the Implementation Guidance on Accounting Standard for Revenue Recognition. As a result, compared with before retrospective application, net sales, operating profit, ordinary profit and profit before income taxes and other adjustments for the cumulative first quarter of the previous fiscal year each decreased by ¥1,156 million.」
For gas sales revenue, we changed from the meter-reading-date method to a method of estimating and recognising revenue for the period not yet covered by meter readings, and disclosed the ¥1,156 million impact on each profit measure and other items for the previous year's first quarter resulting from retrospective application. - FY2022-Q3RestatedAnnual report
「As a result, for the cumulative third quarter, net sales decreased by ¥28,521 million, cost of sales decreased by ¥31,990 million, selling, general and administrative expenses increased by ¥70 million, operating profit increased by ¥3,397 million, and ordinary profit and profit before income taxes and other adjustments each increased by ¥3,385 million. In addition, the opening balance of retained earnings decreased by ¥1,184 million.」
For the Revenue Recognition Standard and related standards applied from the beginning of the first quarter, the impact on profit and loss and retained earnings for the cumulative third quarter was disclosed. - FY2022-Q2RestatedAnnual report
「As a result, for the cumulative second quarter, net sales decreased by ¥23,154 million, cost of sales decreased by ¥22,425 million, selling, general and administrative expenses decreased by ¥53 million, operating profit decreased by ¥675 million, and ordinary profit and profit before income taxes and other adjustments each decreased by ¥785 million. In addition, the opening balance of retained earnings decreased by ¥1,184 million.」
For the Revenue Recognition Standard and related standards applied from the beginning of the first quarter, the impact on net sales, retained earnings and other items for the cumulative second quarter was additionally disclosed. - FY2022-Q1AchievedAnnual report
「We have applied the Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan Statement No. 29, 4 July 2019; hereinafter, the “Revenue Recognition Standard”) and related standards from the beginning of the first quarter of the current fiscal year. Under this approach, revenue is recognised when control of the promised goods or services is transferred to the customer, at the amount expected to be received in exchange for those goods or services. As a result, for the cumulative first quarter, net sales decreased by ¥12,062 million, cost of sales decreased by ¥10,744 million, selling, general and administrative expenses decreased by ¥67 million, operating profit decreased by ¥1,250 million, and ordinary profit and profit before income taxes and other adjustments each decreased by ¥1,321 million.」
The Revenue Recognition Standard and related standards, which had been scheduled for application from the beginning of the fiscal year ending March 2022, were applied from the beginning of the current quarter, and the resulting impact on profit and loss was disclosed. - FY2020First statedAnnual report
「We plan to apply the Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan Statement No. 29, 31 March 2020) and the Implementation Guidance on Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan Guidance No. 30, 31 March 2020) from the beginning of the fiscal year ending March 2022. The amount of the impact is being assessed in preparing these consolidated financial statements.」
The planned application of the revenue recognition standard and related guidance from the beginning of the fiscal year ending March 2022 was disclosed, and the impact on the financial statements is being assessed.