8-KOther EventsExhibits & Filings

Fidelity National Information Services, Inc. 8-K Report, Corporate Update (May 10, 2018)

Filed May 10, 2018For Securities:FIS

Summary

Fidelity National Information Services, Inc. (FIS) has filed a Current Report on Form 8-K to provide restated financial statements for the three years ending December 31, 2017. This restatement is a retrospective application of the new revenue recognition standard, ASU No. 2014-09 (Topic 606), which aligns with International Financial Reporting Standards. The company adopted this new standard effective January 1, 2018, using the full retrospective method. This filing's primary purpose is to present comparative financial data under the updated accounting rules, rather than reporting new business events or material changes since the previous 2017 Annual Report filing. Investors should note that this 8-K does not introduce new operational developments or financial results beyond the impact of the revenue recognition standard change. All updated financial information and disclosures related to the adoption of ASU 2014-09 are incorporated via exhibits, which recast specific sections of the 2017 Form 10-K. For any post-filing events or developments, investors should refer to FIS's subsequent filings, particularly the Form 10-Q for the quarter ended March 31, 2018.

Key Highlights

  • 1FIS is retroactively restating its financial statements for the three years ended December 31, 2017, due to the adoption of ASU No. 2014-09 (Topic 606) concerning revenue recognition.
  • 2The company adopted the new revenue recognition standard on a full retrospective basis, effective January 1, 2018.
  • 3This 8-K filing serves to present the comparative financial impact of the new accounting standard and does not report on new business events or operational changes.
  • 4The updated financial information and recast sections of the 2017 Form 10-K are provided as exhibits to this filing.
  • 5The new standard, ASU 2014-09, converges U.S. GAAP revenue recognition guidance with International Financial Reporting Standards (IFRS).
  • 6Investors should consult FIS's subsequent filings, such as the Form 10-Q for the quarter ended March 31, 2018, for information on events occurring after the filing of the 2017 Annual Report.

Frequently Asked Questions

The primary reason for this 8-K filing is to present restated financial statements for the three years ending December 31, 2017. This restatement is due to the company's adoption of the new revenue recognition standard, ASU No. 2014-09 (Topic 606), using the full retrospective method.

No, this filing does not reflect new business events or operational changes. Its sole purpose is to provide comparative financial data adjusted for the retrospective application of the new revenue recognition standard.

The updated financial information and recast sections of the company's 2017 Form 10-K are provided as exhibits (Exhibits 99.1 through 99.6) to this Form 8-K.

ASU 2014-09, 'Revenue from Contracts with Customers (Topic 606),' is a new accounting standard that significantly amends revenue recognition guidance. It aims to converge U.S. GAAP with international standards (IFRS) by establishing a comprehensive, principle-based framework for revenue recognition.