April 13, 2018 / 9:30 PM / 3 months ago

BRIEF-GE Says Retained Earnings As Of Jan 1 2016 Decreased By $4.24 Bln Due To Adoption Of New Revenue Standard

April 13 (Reuters) - General Electric Co:

* GENERAL ELECTRIC CO - AS RESULT OF ADOPTION OF NEW REVENUE STANDARD, PREVIOUSLY REPORTED RETAINED EARNINGS AS OF JAN. 1, 2016 DECREASED BY $4,243 MLN

* GE - FOR LONG-TERM SERVICE AGREEMENTS, TO CONTINUE TO RECOGNIZE REV USING PCT OF COMPLETION BASED ON COSTS INCURRED RELATIVE TO TOTAL ESTIMATED COSTS

* GE - AFTER ADOPTION OF NEW REVENUE STANDARD, PREVIOUSLY-REPORTED REVENUE, EARNINGS (LOSS) FROM CONT OPS DECREASED BY $2,224 MLN & $2,668 MLN FOR YEAR ENDED DEC. 31, 2017

* GE - AFTER ADOPTION OF NEW REVENUE STANDARD, PREVIOUSLY-REPORTED REVENUES, EARNINGS (LOSS) FROM CONT OPS DECREASED BY $220 MLN & $1,182 MLN FOR YEAR ENDED DEC. 31, 2016

* GE - AFTER ADOPTION OF NEW REVENUE STANDARD, PREVIOUSLY-REPORTED REVENUES, EARNINGS (LOSS) FROM CONT OPS DECREASED BY $220 MLN & $1,182 MLN FOR YEAR ENDED DEC. 31, 2016

* GE - AS RESULT OF U.S. TAX REFORM, RECORDED $1,110 MLN ADDITIONAL DEFERRED INCOME TAX TO REFLECT RESTATED INCOME & DEFERRED TAX POSITIONS AT LOWER RATE IN EFFECT IN Q4 2017

* GE - UPON COMPLETION OF IMPLEMENTATION EFFORT, 2016 AND 2017 SHR IS LOWER BY $0.13 AND $0.17, RESPECTIVELY (BEFORE IMPACT OF U.S. TAX REFORM) Source text: (bit.ly/2IPptqU) Further company coverage:

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