General Electric to restate two years of earnings by April 13

IndustrialsReuters

GE to restate last two years of earnings

FBN's Tracee Carrasco on General Electric announcing it will restate the last two years of earnings as it adopts new accounting standards.

General Electric said on Wednesday that it planned to provide restated results for 2016 and 2017 to reflect a new accounting standard by April 13.

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The updated accounting standard takes into account revenue from long-term contracts, which are being scrutinized by the U.S. Securities and Exchange Commission.

GE had said in February that it expected to take a $4.2 billion accounting charge as it switches to the new standard.

The company also said it would report its first-quarter earnings on April 20 under the new standard and that it would have no impact on its 2018 forecast.

(Reporting by Sanjana Shivdas in Bengaluru; Editing by Anil D'Silva)