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TOYOTA ANNUAL REPORT 2012
Toyota Global Vision Changes for Making
Ever-Better Cars President
ʼ
s Message Medium- to Long-Term
Growth Initiatives Special Feature Management and
Corporate Information Investor Information
Business and
Performance Review Financial Section
Notes to Consolidated Financial Statements
guidance allows the use of estimated selling
price for determining the selling price of
deliverables, eliminates the residual method of
allocation and expands the disclosures related
to a vendor
ʼ
s multiple-deliverable revenue
arrangements. Toyota adopted this guidance for
revenue arrangements entered into or materially
modified in the fiscal year begun on or after June
15, 2010. The adoption of this guidance did not
have a material impact on Toyota
ʼ
s consolidated
financial statements.
In April 2011, FASB issued updated guidance
to clarify the accounting for and disclosures
about troubled debt restructurings by creditors.
This guidance provides the criteria as to whether
a loan modification constitutes a troubled debt
restructuring and requires additional disclosures
about troubled debt restructurings. Toyota
adopted this guidance from the fiscal year ended
March 31, 2012. The adoption of this guidance
did not have a material impact on Toyota
ʼ
s
consolidated financial statements. For a further
discussion of additional disclosures by adoption
of this guidance, please see note 7 to Toyota
ʼ
s
consolidated financial statements.
In May 2011, FASB issued updated guidance
on fair value measurement and disclosure
requirements. This guidance is the amendment
to achieve common fair value measurement
and disclosure requirements in U.S. GAAP and
International Financial Reporting Standards.
Consequently, this guidance changes some fair
value measurement principles and enhances
after December 15, 2011. Management does not
expect this guidance to have a material impact on
Toyota
ʼ
s consolidated financial statements.
In December 2011, FASB issued updated
guidance of disclosures about offsetting assets
and liabilities. This guidance requires additional
disclosures about gross and net information
for assets and liabilities including financial
instruments eligible for offset in the balance
sheets. This guidance is effective for fiscal year
beginning on or after January 1, 2013, and for
interim period within the fiscal year. Management
does not expect this guidance to have a material
impact on Toyota
ʼ
s consolidated financial
statements.
Certain prior year amounts have been reclassified
to conform to the presentations as of and for the
year ended March 31, 2012.
The calculation of diluted net income attributable
to Toyota Motor Corporation per common share
is similar to the calculation of basic net income
attributable to Toyota Motor Corporation per
share, except that the weighted-average number
of shares outstanding includes the additional
dilution from the assumed exercise of dilutive
stock options.
Toyota measures compensation expense for its
stock-based compensation plan based on the
grant-date fair value of the award, and accounts
for the award.
Other comprehensive income refers to revenues,
expenses, gains and losses that, under U.S.GAAP
are included in comprehensive income, but are
excluded from net income as these amounts are
recorded directly as an adjustment to shareholders
ʼ
equity. Toyota
ʼ
s other comprehensive income is
primarily comprised of unrealized gains/losses
on marketable securities designated as available-
for-sale, foreign currency translation adjustments
and adjustments attributed to pension liabilities
or minimum pension liabilities associated with
Toyota
ʼ
s defined benefit pension plans.
In October 2009, FASB issued updated guidance
of accounting for and disclosure of revenue
recognition with multiple deliverables. This
the disclosure requirements. Toyota adopted this
guidance from the fiscal year ended March 31,
2012. The adoption of this guidance did not have a
material impact on Toyota
ʼ
s consolidated financial
statements. For a further discussion of additional
disclosures by adoption of this guidance, please
see notes 21 and 26 to Toyota
ʼ
s consolidated
financial statements.
In June 2011, FASB issued updated guidance
of presentation of comprehensive income.
This guidance requires to present the total
of comprehensive income, the components
of net income, and the components of other
comprehensive income either in a single
continuous statement of comprehensive income
or in two separate but consecutive statements.
This guidance is effective for fiscal year, and
interim period within the fiscal year, beginning
■
Stock-based compensation
■
Reclassifications
■
Recent pronouncements to be adopted in
future periods
■
Other comprehensive income
■
Accounting changes
U.S. dollar amounts: 3
be converted into, U.S. dollars. For this purpose,
the rate of ¥82.19 = U.S. $1, the approximate
current exchange rate at March 31, 2012, was
used for the translation of the accompanying
consolidated financial amounts of Toyota as of
and for the year ended March 31, 2012.
U.S. dollar amounts presented in the consolidated
financial statements and related notes are
included solely for the convenience of the reader
and are unaudited. These translations should
not be construed as representations that the yen
amounts actually represent, or have been or could
0820
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