ASC

ASC 310-910

Contractors—Construction

310 Receivables

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In brief

IntermediatePresentationDisclosureTransition and effective datesIndustry-specific

ASC 310-910 was the industry-specific guidance on receivables of construction contractors (classification and disclosure of contract receivables, retainage, and unbilled amounts). Every paragraph in the subtopic has been superseded — the presentation and disclosure paragraphs by ASU 2014-09 (the revenue standard) and the remainder by Maintenance Update No. 2019-01. As a result, the subtopic now contains no substantive guidance; contract asset, contract receivable, and retainage questions for contractors are addressed under ASC 606 (and ASC 326 for credit losses).

Key points (5)
  • All content in this subtopic is superseded: 310-910-05-1, 15-1, 45-1, 50-3 and 50-4 by Maintenance Update No. 2019-01, and 310-910-45-2, 50-1 and 50-2 by Accounting Standards Update No. 2014-09.
  • Because 310-910-45-2 (presentation) and 310-910-50-1 through 50-2 (disclosure) were removed by ASU 2014-09, contractors present and disclose contract balances — receivables, contract assets, contract liabilities, and retainage — under ASC 606-10-45 and 606-10-50.
  • There is no longer any construction-contractor-specific receivables scope guidance (310-910-15-1 superseded), so the general receivables guidance in ASC 310 applies to contractor receivables.
  • Measurement of expected credit losses on contractor receivables follows ASC 326-20 rather than any industry-specific rule in this subtopic.
  • A reader should treat citations to 310-910 in older literature or textbooks as obsolete and redirect to ASC 606 and ASC 910.

For students. Know this subtopic mainly as a dead end: it is fully superseded, so any exam or research question about contractor receivables, unbilled amounts, or retainage should be answered from ASC 606 (contract assets/receivables) and ASC 326 (credit losses). The common mistake is citing legacy 310-910 or ASC 605-35 presentation rules that ASU 2014-09 eliminated.

superseded guidanceconstruction contractor receivablesretainagecontract assetcontract receivableunbilled receivablesindustry-specific guidance

Machine-generated study aid for ASC 310-910. Check the source paragraphs below.

310-910-00Status

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310-910-00-1
The following table identifies the changes made to this Subtopic.
Paragraph Action Accounting Standards Update Date
910-310-05-1 Superseded Maintenance Update No. 2019-01 (PDF) 01/08/2019
910-310-15-1 Superseded Maintenance Update No. 2019-01 (PDF) 01/08/2019
910-310-45-1 Superseded Maintenance Update No. 2019-01 (PDF) 01/08/2019
910-310-45-2 Superseded Accounting Standards Update No. 2014-09 05/28/2014
910-310-50-1 Superseded Accounting Standards Update No. 2014-09 05/28/2014
910-310-50-2 Superseded Accounting Standards Update No. 2014-09 05/28/2014
910-310-50-3 Superseded Maintenance Update No. 2019-01 (PDF) 01/08/2019
910-310-50-4 Superseded Maintenance Update No. 2019-01 (PDF) 01/08/2019

310-910-05Overview and Background

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310-910-15Scope and Scope Exceptions

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310-910-45Other Presentation Matters

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310-910-50Disclosure

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