Preparations for Applying New Accounting Standards, Including Revenue Recognition
First written in FY2020. 2 of 4 entries say "Advanced", first in FY2021. Latest entry: FY2022.
13 other companies' latest entry also says "Achieved".
- FY2022AchievedAnnual report
「The company applied the Accounting Standard for Revenue Recognition and other standards from the beginning of the current consolidated fiscal year. Revenue is recognized at the point 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. Accordingly, franchise fees and renewal fees under franchise agreements, which had previously been recognized as revenue upon receipt, are now recognized over the contract period based on a reasonable basis.」
The company completed the change to applying the Revenue Recognition Standard from the beginning of the fiscal year ending March 2022 and recognizing franchise and renewal fees over the contract period. The opening balance of retained earnings decreased by ¥119 million. - FY2022-Q1AdvancedAnnual report
「The company applied the Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan Statement No. 29, 31 March 2020, hereinafter the “Revenue Recognition Standard”) and other standards from the beginning of the first quarter of the current fiscal year. Revenue is recognized at the point 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. Accordingly, franchise fees and renewal fees under franchise agreements, which had previously been recognized as revenue upon receipt, are now recognized over the contract period based on a reasonable basis. As a result, the opening balance of retained earnings for the nine-month period ended 30 June of the current fiscal year decreased by ¥119 million. The impact on profit or loss for the nine-month period ended 30 June of the current fiscal year was immaterial.」
The company applied the Revenue Recognition Standard from the beginning of the first quarter of the fiscal year ending March 2022 and changed the method of recognizing franchise and renewal fees to recognize them over the contract period. Opening retained earnings decreased by ¥119 million, while the impact on quarterly profit or loss was immaterial. - FY2021AdvancedAnnual report
「The Accounting Standard for Revenue Recognition and other standards will be applied from the beginning of the fiscal year ending March 2022. As a result, the opening balance of retained earnings for the fiscal year ending March 2022 is expected to decrease by ¥171 million.」
It specified the adoption timing for the revenue recognition standard and other standards at the beginning of the fiscal year ending March 2022, as well as the expected impact, namely a ¥171 million decrease in the opening balance of retained earnings. - FY2020First statedAnnual report
「The planned effective date for the Accounting Standard for Revenue Recognition and other standards is the beginning of the fiscal year ending March 2022.」
It identified for the first time the planned adoption dates for the revenue recognition standard, fair value measurement standard and accounting standard for disclosures of accounting estimates, as well as the fact that the impact was still being assessed, with adoption planned from the end of the fiscal year ending March 2021 or the beginning of the fiscal year ending March 2022.