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OLYMPUS 2008 43
(h) Change in Accounting Standards for Retirement Benefits in the United States Adopted by Consolidated Subsidiaries in the United States
In the year ended March 31, 2007, consolidated subsidiaries in the United States, have adopted a new accounting standard for retirement
benefits in the United States.
The effect of this change was to decrease retained earnings by ¥2,443 million since the unrecognized actuarial difference amounting to
¥2,443 million was directly charged to retained earnings for the year ended March 31, 2007. The adoption of this new accounting standard
has no impact on net income.
(i) Depreciation of Fixed Assets
In accordance with the changes of tax code introduced in the 2007 tax reform (Law Concerning Partial Revision of the Income Tax Law (Law
No. 6, March 30, 2007) and the Law Concerning Partial Revision of the Enforcement Regulations of the Corporation Tax Law (Government
Ordinance No. 83, March 30, 2007)), from the current fiscal year concerning the depreciation of tangible fixed assets acquired on and after
April 1, 2007, the method of computing depreciation expenses have been changed to the new regulation.
The effect which this change has on the consolidated statements of income was not material.
3. RECLASSIFICATIONS
(Consolidated Balance Sheets)
(a) Other Payable
In the year ended March 31, 2008, “Other Payable”, formerly included in Other current liabilities of CURRENT LIABILITIES was shown as an
independent item. The amount of “Other Payable” included in Other current liabilities of CURRENT LIABILITIES in fiscal 2007 was ¥39,736
million.
(b) Deferred income taxes
In the year ended March 31, 2008, “Deferred income taxes”, formerly included in Other non-current liabilities of NON-CURRENT LIABILITIES
was shown as an independent item. The amount of “Deferred income taxes” included in Other non-current liabilities of NON-CURRENT
LIABILITIES in fiscal 2007 was ¥9,167 million.
(Consolidated Statements of Income)
(c) Loss on investment in partnership
In the year ended March 31, 2008, “Loss on investment in partnership”, formerly included in Other, net of OTHER INCOME (EXPENSES) was
shown as an independent item. The amount of “Loss on investment in partnership” included in Other, net of OTHER INCOME (EXPENSES) in
fiscal 2007 was ¥463 million.
(Consolidated Statements of Cash Flows)
(d) Amortization of consolidated adjustment accounts and goodwill
In the year ended March 31, 2007, amortization of consolidated adjustment accounts and goodwill were shown as “Amortization of good-
will” on the cash flow statement. The amount of amortization of goodwill included in depreciation and amortization expenses in fiscal 2006
was ¥213 million.
(e) Increase (decrease) in provision for product warranties
In the year ended March 31, 2007, “Increase (decrease) in provision for product warranties”, formerly included in Other of cash flows from
operating activities, was shown as an independent item. The amount of Increase (decrease) in provision for product warranties included in
Other of cash flows from operating activities in fiscal 2006 was ¥1,345 million.
(f) Increase (decrease) in other payable
In the year ended March 31, 2008, “Increase (decrease) in other payable”, formerly included in other of cash flows from operating activities,
was shown as an independent item. The amount of “Increase in other payable” included in other of cash flows from operating activities in
fiscal 2007 was ¥8,271 million.
(g) Net loss of investment in affiliated companies carried on the equity method
In the year ended March 31, 2008, “Net loss of investment in affiliated companies carried on the equity method“, formerly included in Other
of cash flows from operating activities, was shown as an independent item. The amount of “Net loss of investment in affiliated companies
carried on the equity method” included in other of cash flows from operating activities in fiscal 2007 was ¥2,394 million.
(h) Payments for loans receivable and Proceeds from loans receivable
In the year ended March 31, 2008, “Payments for loans receivable” and “Proceeds from loans receivable”, formerly included in Other of cash
flows from investment activities, were shown as independent items. The amount of “Payments for loans receivable” and “Proceeds from
loans receivable” included in other of cash flows from investment activities in fiscal 2007 were ¥768 million and ¥544 million, respectively.