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Nikon Annual Report 2009 37
Construction Contracts—Under the current Japanese GAAP,
either the completed-contract method or the percentage-of-com-
pletion method is permitted to account for construction contracts.
In December 2007, the ASBJ issued a new accounting standard for
construction contracts. Under this new accounting standard, the
construction revenue and construction costs should be recognized
by the percentage-of-completion method, if the outcome of a con-
struction contract can be estimated reliably. When total construc-
tion revenue, total construction costs and the stage of completion
of the contract at the balance sheet date can be reliably measured,
the outcome of a construction contract can be estimated reliably.
If the outcome of a construction contract cannot be reliably
estimated, the completed-contract method shall be applied.
When it is probable that total construction costs will exceed
total construction revenue, an estimated loss on the contract
should be immediately recognized by providing for loss on con-
struction contracts. This standard is applicable to construction
contracts and software development contracts and effective for
fiscal years beginning on or after April 1, 2009 with early adop-
tion permitted for fiscal years beginning on or before March 31,
2009 but after December 27, 2007.
3. INVESTMENT SECURITIES
Investment securities at March 31, 2009 and 2008 consisted of the following:
Millions of Yen
Thousands of
U.S. Dollars
2009 2008 2009
Non-Current:
Equity securities ¥40,718 ¥65,206 $414,515
Debt securities 0 0 3
Investment in a limited liability investment partnership 952 990 9,691
Total ¥41,670 ¥66,196 $424,209
The carrying amounts and aggregate fair values of investment securities at March 31, 2009 and 2008 were as follows:
Millions of Yen
Cost
Unrealized
Gains
Unrealized
Losses Fair Value
March 31, 2009
Securities classified as:
Available-for-sale:
Equity securities ¥44,707 ¥3,822 ¥8,211 ¥40,318
Total ¥44,707 ¥3,822 ¥8,211 ¥40,318
Millions of Yen
Cost
Unrealized
Gains
Unrealized
Losses Fair Value
March 31, 2008
Securities classified as:
Available-for-sale:
Equity securities ¥47,763 ¥19,092 ¥2,066 ¥64,789
Total ¥47,763 ¥19,092 ¥2,066 ¥64,789
Thousands of U.S. Dollars
Cost
Unrealized
Gains
Unrealized
Losses Fair Value
March 31, 2009
Securities classified as:
Available-for-sale:
Equity securities $455,127 $38,913 $83,597 $410,443
Total $455,127 $38,913 $83,597 $410,443