ASC

ASC 235-912

Contractors—Federal Government

235 Notes to Financial Statements

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In brief

IntermediateDisclosurePresentationRevenueTransition and effective dates

ASC 235-912 formerly provided accounting-policy disclosure guidance in the notes to financial statements for entities contracting with the federal government. All of its content (paragraphs 235-912-05-1, 15-1 and 50-1) was superseded by ASU 2014-09, the revenue recognition standard, so the subtopic now carries no operative guidance.

Key points (4)
  • Every paragraph in this subtopic — 235-912-05-1 (overview), 235-912-15-1 (scope), and 235-912-50-1 (disclosure) — was superseded by Accounting Standards Update No. 2014-09.
  • Because the subtopic is fully superseded, it imposes no current recognition, measurement, or disclosure requirements on federal government contractors.
  • Disclosure of significant accounting policies for federal government contractors is now addressed through the general policy-disclosure guidance in ASC 235-10 and the revenue disclosure requirements of ASC 606-10-50.
  • Industry-specific guidance for contractors with the federal government that survives ASU 2014-09 resides in ASC 912 and, for contract costs, ASC 340-40.

For students. This subtopic is a shell: knowing that ASU 2014-09 wiped out most legacy industry revenue and related policy-disclosure guidance is the real takeaway. The common mistake is citing pre-2014 government-contractor disclosure rules that no longer exist \u2014 look instead to ASC 606 and ASC 235-10.

superseded guidancesummary of significant accounting policiesfederal government contractorsrevenue recognition transitionindustry-specific guidancenotes to financial statements

Machine-generated study aid for ASC 235-912. Check the source paragraphs below.

235-912-00Status

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235-912-00-1
The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
912-235-05-1SupersededAccounting Standards Update No. 2014-0905/28/2014
912-235-15-1SupersededAccounting Standards Update No. 2014-0905/28/2014
912-235-50-1SupersededAccounting Standards Update No. 2014-0905/28/2014

235-912-05Overview and Background

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235-912-15Scope and Scope Exceptions

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235-912-50Disclosure

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Related subtopics