Adoption of the revenue-recognition standard and deferral of revenue under the points program
First written in FY2022-Q1. 1 of 4 entries say "Restated". Latest entry: FY2022.
The whole theme swung hardest in 2024: 1 of 8 companies on the "Worse" side.
7 other companies' latest entry also says "Other".
- FY2022Updated with full-year impactAnnual report
「As a result, both net sales and selling, general and administrative expenses for the current consolidated fiscal year decreased by ¥169 million, with no impact on operating loss, ordinary loss, or loss before income taxes and other adjustments. There was also no impact on the opening balance of retained earnings.」
Regarding the deferral of revenue from the points program following adoption of the Revenue Recognition Standard, net sales and selling, general and administrative expenses each decreased by ¥169 million for the full year, with no impact on profit or loss or opening retained earnings. - FY2022-Q3Cumulative impact updatedAnnual report
「As a result, both net sales and selling, general and administrative expenses for the first nine months of the current consolidated cumulative period decreased by ¥43 million, with no impact on operating loss, ordinary loss, or loss before income taxes and other adjustments. There was also no impact on the opening balance of retained earnings.」
Regarding the deferral of revenue from the points program following adoption of the Revenue Recognition Standard, net sales and selling, general and administrative expenses each decreased by ¥43 million for the first nine months, with no impact on profit or loss or the opening balance of retained earnings. - FY2022-Q2RestatedAnnual report
「As a result, both net sales and selling, general and administrative expenses for the first six months of the current consolidated cumulative period decreased by ¥29 million, with no impact on operating loss, ordinary loss, or loss before income taxes and other adjustments. There was also no impact on the opening balance of retained earnings.」
The deferral of revenue from the points program following adoption of the Revenue Recognition Standard continued. For the first six months, net sales and selling, general and administrative expenses each decreased by ¥29 million, with no impact on profit or loss. - FY2022-Q1First statedAnnual 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 accounting period. 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 transfers to the customer. Accordingly, for the “Imperial Club Point Present” points program, the Company previously recorded a provision for the estimated future costs of exchanging points. However, when the points provide customers with a material right, the Company identifies them as a performance obligation and defers revenue recognition. As a result, both net sales and selling, general and administrative expenses for the first quarter of the current consolidated cumulative period decreased by ¥14 million, with no impact on operating loss, ordinary loss, or loss before income taxes and other adjustments.」
The Revenue Recognition Standard was adopted from the beginning of the first quarter of the current consolidated accounting period, and Imperial Club points were identified as performance obligations, changing the method to defer revenue recognition. Net sales and selling, general and administrative expenses each decreased by ¥14 million, with no impact on profit or loss.