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The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
910-405-05-1SupersededAccounting Standards Update No. 2014-0905/28/2014
910-405-15-1SupersededAccounting Standards Update No. 2014-0905/28/2014
910-405-45-1SupersededAccounting Standards Update No. 2014-0905/28/2014
910-405-45-2SupersededAccounting Standards Update No. 2014-0905/28/2014
910-405-50-1SupersededAccounting Standards Update No. 2014-0905/28/2014
910-405-50-2SupersededAccounting Standards Update No. 2014-0905/28/2014
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Every paragraph in the subtopic — Sections 05, 15, 45, and 50 — was superseded by ASU 2014-09 (Revenue from Contracts with Customers). As a result, the subtopic contains no operative guidance; contract liabilities of construction contractors are now addressed under ASC 606 (and contract costs under ASC 340-40).","key_points":["All content of ASC 405-910 was superseded by Accounting Standards Update No. 2014-09, including 405-910-05-1, 405-910-15-1, 405-910-45-1 and 45-2, and 405-910-50-1 and 50-2.","Because Sections 05 (Overview and Background), 15 (Scope), 45 (Other Presentation Matters), and 50 (Disclosure) are all superseded, the subtopic imposes no current recognition, presentation, or disclosure requirements.","Contractor obligations arising from customer contracts (for example, amounts billed or consideration received in advance of performance) are now accounted for as contract liabilities under ASC 606, with presentation guidance in 606-10-45-1 through 45-5.","Legacy construction-contractor liability guidance formerly linked to ASC 605-35 should not be applied for periods after the adoption of ASU 2014-09.","Researchers encountering citations to 405-910 in pre-2014-09 literature must map them to the corresponding ASC 606 (revenue) or ASC 340-40 (contract cost) guidance."],"categories":["Presentation","Disclosure","Revenue","Transition and effective dates"],"audience_level":"intermediate","student_note":"The only thing to know here is that this subtopic is entirely empty post-ASU 2014-09 — a common exam trap is citing legacy construction-contractor liability rules that no longer exist; go to ASC 606 for contract liabilities and ASC 340-40 for contract costs instead.","related_topics":["606","340-40","605-35","606-10","405-20"],"key_concepts":["superseded guidance","construction contractors","contract liability","billings in excess of costs","revenue from contracts with customers","codification 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