CNH INDUSTRIAL: PRESENTATION ON ADOPTION OF NEW ACCOUNTING STANDARDS PUBLISHED ON CORPORATE WEBSITE
London, April 16, 2018
CNH Industrial N.V. (NYSE: CNHI /MI: CNHI) has published the following presentation and podcast to the Investor Relations section of its corporate website (www.cnhindustrial.com): “Adoption of New Revenue Recognition Standard (ASC 606), New Retirement Benefits Accounting (ASU 2017-07), and Other Financial Presentation Changes”.
In fiscal year 2018, CNH Industrial will adopt updated FASB accounting standards for revenue recognition (ASC 606) and retirement benefits accounting (ASU 2017-07) for U.S. GAAP reporting purposes.
These new standards will be adopted on a retrospective basis, and are not estimated to have a material impact on our consolidated revenues, net income, earnings per share and net industrial debt. As a result, starting with the first quarter of 2018, all current periods, and historical financial information will be presented on a recast basis, when the Company reports its quarterly earnings.
The presentation includes preliminary and unaudited recast financial statements for fiscal year 2016 and 2017, including 2017 by quarter, to provide full comparability for the historical periods, as well as the illustration of certain new non-GAAP financial measures that the Company intends to adopt starting from the first quarter of 2018.
Please visit: bit.ly/CNH_Industrial_Investor_Presentations for the full presentation and podcast.