In the SAB 74 disclosures prior to the actual adoption, what information did General Dynamics provide with regard to quantitative disclosures of the directional effects of the adoption of ASC 606 on the company’s total revenues and specific product categories or revenue streams? What was the anticipated date and method of adoption? How did General Dynamics describe the management’s implementation efforts? Did General Dynamics give any reasons for the decision to early adopt? Do you see any other possible factors that led to the early adoption? Explain.

Answer rating: 100% (QA)

74 SEC Staff Accounting Bulletin SAB 74 codified in SAB Topic 11M Disclosure of the Impact that Recently Issued Accounting Standards will have on the Financial Statements of the Registrant when Adopte... View the full answer