ASC 715-912
Contractors—Federal Government
715 Compensation—Retirement Benefits
Source downloaded: .Record version 7f8264f3a50b. Effective date must be checked in the source.
ASC 715-912 is the industry-specific overlay applying retirement benefit accounting to government contractors. Its scope mirrors the Contractors—Federal Government Overall Subtopic (912-10-15), and its only substantive requirement is a disclosure consideration: contractors should consider disclosing the effect of the government's rights to any excess pension plan assets if a plan terminates.
Key points (4)
- The Subtopic provides guidance to government contractors on compensation and postretirement employee benefit costs (715-912-05-1).
- Scope and scope exceptions are the same as the Contractors—Federal Government Overall Subtopic in Section 912-10-15 (715-912-15-1).
- Contractors shall consider disclosing the effect, if any, of the government's rights with respect to any excess pension plan assets in the event of a plan termination (715-912-50-1).
- The Subtopic adds no separate recognition or measurement rules; the general pension and OPEB guidance in Topic 715 continues to apply.
For students. Remember this as a disclosure-only overlay: when a federal contractor's pension plan holds surplus assets, the government may have a claim on that surplus upon termination, and that fact should be disclosed. A common misunderstanding is thinking ASC 715-912 changes how pension cost is measured or reimbursed—it does neither; measurement still follows Topic 715.
Machine-generated study aid for ASC 715-912. Check the source paragraphs below.
715-912-05Overview and Background
Source downloaded: .Record version 2624546b585e. Effective date must be checked in the source.
715-912-15Scope and Scope Exceptions
Source downloaded: .Record version d343b95ed4ca. Effective date must be checked in the source.
Overall Guidance
715-912-50Disclosure
Source downloaded: .Record version 1c4f62449816. Effective date must be checked in the source.