ASC

ASC 235-910

Contractors—Construction

235 Notes to Financial Statements

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In brief

IntroductoryDisclosurePresentationIndustry-specificTransition and effective dates

ASC 235-910 was the construction-contractor industry supplement to ASC 235 on notes to financial statements, which required disclosure of the accounting policies used for construction-type contracts. Every paragraph in the subtopic (05-1, 15-1, 50-1 and 50-2) was superseded by Maintenance Update No. 2019-01, so the subtopic now contains no operative guidance. Contractors instead look to the general accounting policy disclosure requirements of ASC 235-10 and to the revenue disclosures in ASC 606.

Key points (5)
  • All content of ASC 235-910 — paragraphs 235-910-05-1, 235-910-15-1, 235-910-50-1 and 235-910-50-2 — was superseded by Maintenance Update No. 2019-01, leaving no effective requirements in this subtopic.
  • Because the industry-specific overlay is gone, construction contractors apply the general summary-of-significant-accounting-policies requirements in ASC 235-10-50.
  • Disclosure of revenue recognition policies and contract balances for construction-type contracts is now governed by ASC 606, principally 606-10-50, rather than by 235-910.
  • The supersession is a housekeeping/codification-cleanup change tied to the shift from ASC 605-35 legacy contract accounting to ASC 606; it does not by itself eliminate the substantive obligation to disclose policies.
  • Citations to 235-910 in older literature, textbooks or audit programs should be updated, as the subtopic is retained in the Codification only as a shell of superseded paragraphs.

For students. This subtopic is a dead end: nothing in it is operative, so the exam-relevant point is knowing where the guidance moved (ASC 235-10 for policy disclosures, ASC 606 for contract revenue disclosures). The common mistake is citing 235-910 as if it still imposed special contractor disclosure requirements.

superseded guidancenotes to financial statementssummary of significant accounting policiesconstruction-type contractsindustry-specific disclosureaccounting policy disclosure

Machine-generated study aid for ASC 235-910. Check the source paragraphs below.

235-910-00Status

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235-910-00-1
The following table identifies the changes made to this Subtopic.
Paragraph Action Accounting Standards Update Date
910-235-05-1 Superseded Maintenance Update No. 2019-01 (PDF) 01/08/2019
910-235-15-1 Superseded Maintenance Update No. 2019-01 (PDF) 01/08/2019
910-235-50-1 Superseded Maintenance Update No. 2019-01 (PDF) 01/08/2019
910-235-50-2 Superseded Maintenance Update No. 2019-01 (PDF) 01/08/2019

235-910-05Overview and Background

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235-910-15Scope and Scope Exceptions

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235-910-50Disclosure

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