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Second company adopts revenue rule in 2017, this time at a loss

Tammy Whitehouse | February 8, 2017

Another aerospace and defense company has early adopted the new revenue recognition accounting standard, and this one says the new accounting will lead to a reduction in its reported revenue.

General Dynamics Corp. filed its 10-K for fiscal 2016 and reported it is adopting the new revenue recognition standard effective Jan. 1, 2017, a year earlier than all public companies are required to follow the new five-step method for determining when and in what amounts they should recognize revenue in financial statements. As the company issues quarterly results throughout 2017, the revenue will be flowing into the company at a slower rate than it has under current accounting, according to the company’s disclosures.

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