Sony 2003 Annual Report Download - page 143
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Consolidated Financial Information 2003
57
3. On April 1, 2001, Sony adopted FAS No.133, “Accounting for Derivative Instruments and Hedging Activities” as amended by FAS
No.138 “Accounting for Certain Derivative Instruments and Certain Hedging Activities — an Amendment of FASB Statement
No.133.” As a result, Sony’s operating income, income before income taxes and net income for the year ended March 31, 2002
decreased by ¥3.0 billion, ¥3.4 billion and ¥2.2 billion, respectively. Additionally, Sony recorded a one-time non-cash after-tax
unrealized gain of ¥1.1 billion in accumulated other comprehensive income in the consolidated balance sheet, as well as an
after-tax gain of ¥6.0 billion in the cumulative effect of accounting changes in the consolidated statement of income.
4. In July 2001, the FASB issued FAS No. 142, “Goodwill and Other Intangible Assets.” Sony adopted FAS No. 142 retroactive to April
1, 2001. As a result, Sony’s operating income and income before income taxes for the year ended March 31, 2002 increased by
¥20.1 billion and income before cumulative effect of accounting changes as well as net income for the year ended March 31, 2002
increased by ¥18.9 billion.
5. In June 2000, the Accounting Standards Executive Committee of the American Institute of Certified Public Accountants issued
Statement of Position (“SOP”) 00-2, “Accounting by Producers or Distributors of Films.” Sony adopted SOP 00-2 retroactive to April
1, 2000. As a result, Sony’s net income for the year ended March 31, 2001 included a one-time, non-cash charge with no tax effect
of ¥101.7 billion, primarily to reduce the carrying value of its film inventory.
6. In December 1999, the Securities and Exchange Commission issued Staff Accounting Bulletin (“SAB”) No. 101, “Revenue
Recognition in Financial Statements.” Sony adopted SAB No.101 in the fourth quarter ended March 31, 2001 retroactive to April 1,
2000. As a result, a one-time no-cash cumulative effect adjustment of ¥2.8 billion was recorded in the income statement directly
above the caption of “net income” for a change in accounting principle.