Recently Adopted Accounting Pronouncements
On April 1, 2018, the Company adopted ASU 2014-09-Revenue from Contracts with Customers (ASC 606) and all related amendments (“New Revenue Standard”) using the modified retrospective method. The Company has applied the new revenue standard to all contracts that were entered into after adoption and to all contracts that were open as of the initial date of adoption. The Company recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The adoption of the new standard impacts the Company's net sales on an ongoing basis depending on the relative amount of revenue sold through its distributors, the change in inventory held by its distributors, and the changes in price concessions granted to its distributors. Previously, the Company deferred revenue and cost of sales on shipments to distributors until the distributor sold the product to their end customer. As required by the new revenue standard, the Company no longer defers revenue and cost of sales, but rather, estimates the effects of returns and allowances provided to distributors and records revenue at the time of sale to the distributor. Sales to non-distributor customers, under both the previous and new revenue standards, are generally recognized upon the Company’s shipment of the product. The cumulative effect of the changes made to the consolidated April 1, 2018 balance sheet for the adoption of the new revenue standard is summarized in the table of opening balance sheet adjustments below. In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on the consolidated income statement and balance sheet for the period ended March 31, 2019 was as follows (in millions):
The significant changes in the financial statements noted in the table above are primarily due to the transition from sellthrough revenue recognition to sell-in revenue recognition as required by the New Revenue Standard, which eliminated the balance of deferred income on shipments to distributors, significantly reduced accounts receivable, and significantly increased retained earnings. Prior to the acquisition of Microsemi, Microsemi already recognized revenue on a sell-in basis, so the impact of the adoption of the New Revenue Standard was primarily driven by Microchip's historical business excluding Microsemi.
Table:
 |  | As of March 31, 2019 | 
Balance Sheet | As reported | Balances without adoption of New Revenue Standard | Effect of Change Higher / (Lower)
ASSETS |  |  | 
Accounts receivable, net | $880.6 | $556.1 | $324.5
Inventories | $711.7 | $724.2 | $(12.5)
Other current assets | $191.6 | $154.7 | $36.9
Other assets | $111.8 | $106.3 | $5.5
Long-term deferred tax assets | $1,677.2 | $1,700.7 | $(23.5)
LIABILITIES |  |  | 
Accrued liabilities | $787.3 | $420.3 | $367.0
Deferred income on shipments to distributors | $— | $288.2 | $(288.2)
Long-term deferred tax liability | $706.1 | $689.3 | $16.8
STOCKHOLDERS' EQUITY |  |  | 
Retained Earnings | $3,210.6 | $2,975.3 | $235.3


Question: What was the main reason given by the company for the significant changes in their financial statements noted in the table?
Answer: the transition from sellthrough revenue recognition to sell-in revenue recognition as required by the New Revenue Standard