Adoption of the revenue recognition standard and change in recognition of bill-and-hold contracts
First written in FY2022-Q1. 2 of 3 entries say "Restated". Latest entry: FY2022.
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- FY2022RestatedAnnual report
「The Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Standard”) and other standards were applied from the beginning of the consolidated fiscal year. Revenue is now 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.」
The company adopted the revenue recognition standard at the beginning of the fiscal year and has continued throughout the year to recognize revenue when control transfers to the customer. - FY2022-Q2RestatedAnnual report
「The Accounting Standard for Revenue Recognition (Accounting Standard No. 29, 31 March 2020; hereinafter, the “Revenue Recognition Standard”) and other standards were applied from the beginning of the first quarter of the consolidated fiscal year. Revenue is now 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.」
The company has continued applying the revenue recognition standard adopted from the first quarter and recognizing revenue when control transfers to the customer. The impact was described as immaterial. - FY2022-Q1First statedAnnual report
「The company applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, 31 March 2020) and other relevant standards from the beginning of the current first-quarter 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. Previously, revenue under bill-and-hold contracts was recognized before control transferred to the customer, but the company changed to recognizing revenue when control transfers to the customer.」
The company applied the revenue recognition standard and other relevant standards from 1 April 2021 and changed the timing of revenue recognition to the point at which control transfers to the customer. For bill-and-hold contracts, recognition was also changed from before the transfer of control to the time control transfers. The impact on the financial statements was described as immaterial.