Casio 2014 Annual Report Download - page 26

Changes in accounting policies
Effective from the year ended March 31, 2014, the Company and its consolidated subsidiaries in Japan have
applied the Accounting Standard for Retirement Benefits (ASBJ Statement No. 26, May 17, 2012 (hereinaf-
ter, “Statement No. 26”)) and Guidance on Accounting Standard for Retirement Benefits (ASBJ Guidance
No. 25, May 17, 2012 (hereinafter, “Guidance No. 25”)) except article 35 of Statement No. 26 and article
67 of Guidance No. 25, and unrecognized actuarial differences and prior service costs have been recognized
and the difference between projected benefit obligation and pension plan assets has been recognized as a
net defined benefit liability (or as a net defined benefit asset if the amount of pension plan assets exceeds
the retirement benefit obligation).
In accordance with article 37 of Statement No. 26, the effect of the change in accounting policies arising
from initial application has been recognized in remeasurements of defined benefit plans in accumulated
other comprehensive income.
As a result, the Group recorded ¥9,621 million ($93,408 thousand) of net defined benefit asset and
¥860 million ($8,349 thousand) of net defined benefit liability as of March 31, 2014. Furthermore, accumu-
lated other comprehensive income increased by ¥5,292 million ($51,379 thousand) as of March 31, 2014.
Accounting standard and guidance that are yet to be adopted
“Accounting Standard for Retirement Benefits” (ASBJ Statement No. 26, May 17, 2012)
“Guidance on Accounting Standard for Retirement Benefits” (ASBJ Guidance No. 25, May 17, 2012)
(1) Overview
From the standpoint of improving financial reporting and considering international trends, the afore-
mentioned accounting standard and guidance principally reflect the following amendments: Changes
in the treatment of unrecognized actuarial differences and prior service costs; Amendments to the
determination of projected benefit obligation and current service costs; and Enhanced disclosures.
(2) Planned Effective Dates
Amendments to the determination of projected benefit obligation and current service costs are sched-
uled to be applied from the beginning of the fiscal year ending March 31, 2015.
(3) Effect of Adopting this Accounting Standard and Guidance
The Company is currently evaluating the effect of adopting this accounting standard and guidance on
the consolidated financial statements at the time of preparation of these statements.
Additional information
The Group recorded accrued benefits at the end of the fiscal year based on the regulations for directors’
retirement benefits, as provision for payment of the retirement benefits of directors. However, at a meeting
of the board of directors on May 21, 2013, a resolution was passed to terminate the retirement benefits
system for directors at the close of the annual shareholders’ meeting that was then held on June 27, 2013,
and the same shareholders’ meeting accordingly resolved to cease payment of directors’ retirement benefits.
As a result, the Group recorded a reversal of accrued retirement benefits for directors and statutory
auditors. The unpaid portion of the amount of the ceased payments was recorded as long-term accounts
payable-other of ¥3,957 million ($38,417 thousand) included in other under non-current liabilities. The
Group also recorded directors’ retirement benefits included in other expenses of ¥2,122 million ($20,602
thousand).
3. Cash and Cash Equivalents
(1) Cash and cash equivalents at March 31, 2014 and 2013
Millions of Yen
Thousands of
U.S. Dollars
2014 2013 2014
Cash and deposits ¥ 90,759 ¥ 56,029 $ 881,155
Time deposits over three months (15,449) (10,267) (149,990)
Debt securities within three months to maturity 22,999 36,098 223,292
Short-term loans receivable with resale agreement 15,820 15,490 153,592
Cash and cash equivalents ¥114,129 ¥ 97,350 $1,108,049
(2) Significant non-cash transactions
Millions of Yen
Thousands of
U.S. Dollars
2014 2013 2014
Assets relating to finance lease transactions ¥594 ¥683 $5,767
Obligations relating to finance lease transactions 625 719 6,068
4. Inventories
Inventories at March 31, 2014 and 2013:
Millions of Yen
Thousands of
U.S. Dollars
2014 2013 2014
Finished goods ¥35,469 ¥39,665 $344,359
Work in process 5,314 5,573 51,592
Raw materials and supplies 7,320 8,877 71,068
Total ¥48,103 ¥54,115 $467,019
Profile / Contents CASIO’s StrengthHistory To Our Stakeholders At a Glance Special Feature CSRCorporate Governance
PAGE 25
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