ASC

ASC 210-912

Contractors—Federal Government

210 Balance Sheet

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In brief

IntermediatePresentationIndustry-specificRevenueTransition and effective dates

ASC 210-912 formerly provided balance sheet classification and disclosure guidance for contractors with the federal government (e.g., presentation of receivables, unbilled amounts, and advances/progress payments on government contracts). Every paragraph in the subtopic — Sections 05, 15, 45, and 50 — was superseded by ASU 2014-09 (Revenue from Contracts with Customers). The subtopic is now an empty shell with no operative guidance; contract asset and contract liability presentation for government contractors is governed by ASC 606 (and ASC 340-40 for related costs).

Key points (5)
  • All content of ASC 210-912 (paragraphs 210-912-05-1, 15-1, 45-1 through 45-8, and 50-1) was superseded by Accounting Standards Update No. 2014-09.
  • No recognition, classification, or disclosure requirements remain in this subtopic; citing it as authoritative support is incorrect.
  • Balance sheet presentation of amounts arising from federal government contracts is now determined under ASC 606-10-45 (contract assets, contract liabilities, and receivables) rather than industry-specific balance sheet rules.
  • Costs to obtain or fulfill a government contract, and their presentation, are addressed by ASC 340-40 following the ASU 2014-09 amendments.
  • The retention of the empty subtopic in the Codification reflects the FASB's practice of preserving the section structure while eliminating superseded industry guidance.

For students. Know that this subtopic is entirely dead letter — ASU 2014-09 wiped out the legacy government-contractor balance sheet guidance. The common mistake is citing old industry presentation rules for unbilled receivables or progress payments instead of the ASC 606 contract asset/contract liability model.

superseded guidancefederal government contractorsbalance sheet classificationcontract assets and contract liabilitiesunbilled receivablesprogress paymentsrevenue recognition transition

Machine-generated study aid for ASC 210-912. Check the source paragraphs below.

210-912-00Status

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210-912-00-1
The following table identifies the changes made to this Subtopic.
Paragraph Action Accounting Standards Update Date
Advance Payments Superseded Accounting Standards Update No. 2014-09 05/28/2014
Cost-Plus-Fixed-Fee Contract Superseded Accounting Standards Update No. 2014-09 05/28/2014
912-210-05-1 Superseded Accounting Standards Update No. 2014-09 05/28/2014
912-210-15-1 Superseded Accounting Standards Update No. 2014-09 05/28/2014
912-210-45-1 through 45-8
 Superseded Accounting Standards Update No. 2014-09 05/28/2014
912-210-50-1 Superseded Accounting Standards Update No. 2014-09 05/28/2014

210-912-05Overview and Background

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210-912-15Scope and Scope Exceptions

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210-912-20Glossary

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210-912-45Other Presentation Matters

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210-912-50Disclosure

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