{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/910/10/#00-status","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"910","topic_title":"Contractors—Construction","subtopic":"910-10","subtopic_title":"Overall","section":{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"910-10-00-1","para":"00-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">The following table identifies the changes made to this Subtopic.</div> <div class=\"norm-text\"> <table class=\"asc-table\" frame=\"all\" id=\"SL50391293-162343\"> <tr> <td class=\"entry\"> <strong class=\"ph b\">Paragraph</strong> </td> <td class=\"entry\"> <strong class=\"ph b\">Action</strong> </td> <td class=\"entry\"> <strong class=\"ph b\">Accounting Standards Update</strong> </td> <td class=\"entry\"> <strong class=\"ph b\">Date</strong> </td> </tr> <tr> <td class=\"entry\"></td> <td class=\"entry\"></td> <td class=\"entry\"></td> <td class=\"entry\"></td> </tr> <tr> <td class=\"entry\"> <a href=\"/glossary/c/#contract\" class=\"term\" title=\"An agreement between two or more parties that creates enforceable rights and obligations.\"><span>Contracts</span></a> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a> </td> <td class=\"entry\">05/28/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/glossary/c/#cost-type-contracts\" class=\"term\" title=\"Contracts that provide for reimbursement of allowable or otherwise defined costs incurred plus a fee that represents profit. Cost-type contracts usually only require that the contractor use his best efforts to accomplish the scope of the work within some specified time and some stated dollar limitation. See also the following common variations of cost-plus contracts: Cost-Plus-Award-Fee Contract Cost-Plus-Fixed-Fee Contract Cost-Plus-Incentive-Fee Contract (Incentive Based on Cost) Cost-Plus-Incentive-Fee Contract (Incentive Based on Performance) Cost-Sharing Contract Cost-Without-Fee Contract.\"><span>Cost-Type Contracts</span></a> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a> </td> <td class=\"entry\">05/28/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/glossary/l/#lump-sum-contract\" class=\"term\" title=\"See Fixed-Price Contracts.\"><span>Lump-Sum Contract</span></a> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-06/\" class=\"xref\">Accounting Standards Update No. 2014-06</a> </td> <td class=\"entry\">03/14/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/glossary/r/#revenue\" class=\"term\" title=\"Inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations.\"><span>Revenue</span></a> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a> </td> <td class=\"entry\">05/28/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/glossary/a/#time-and-material-contracts\" class=\"term\" title=\"Contracts that generally provide for payments to the contractor on the basis of direct labor hours at fixed hourly rates (that cover the cost of direct labor and indirect expenses and profit) and cost of materials or other specified costs. Common variations of time and material contracts areas follows: Time at marked-up rate Time at marked-up rate, material at cost Time and material at marked-up rates Guaranteed maximum cost—labor only or labor and material.\"><span>Time-and-Materials Contracts</span></a> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a> </td> <td class=\"entry\">05/28/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/glossary/a/#unit-price-contracts\" class=\"term\" title=\"Contracts under which the contractor is paid a specified amount for every unit of work performed. A unit-price contract is essentially a fixed-price contract with the only variable being units of work performed. Variations in unit-price contracts include the same type of variations as fixed-price contracts. A unit-price contract is normally awarded on the basis of a total price that is the sum of the product of the specified units and unit prices. The method of determining total contract price may give rise to unbalanced unit prices because units to be delivered early in the contract may be assigned higher unit prices than those to be delivered as the work under the contract progresses.\"><span>Unit-Price Contracts</span></a> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a> </td> <td class=\"entry\">05/28/2014</td> </tr> <tr> <td class=\"entry\"></td> <td class=\"entry\"></td> <td class=\"entry\"></td> <td class=\"entry\"></td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/910/10/#910-10-05-2\" class=\"xref\">910-10-05-2</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/asc-pdf/GUID-6F29F051-8A9B-4738-B51B-3BB1598AD7A5.pdf\" class=\"pdf-link\" target=\"_blank\" rel=\"noopener\">Maintenance Update 2019-01 (PDF)</a> </td> <td class=\"entry\">01/08/2019</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/910/10/#910-10-05-2\" class=\"xref\">910-10-05-2</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a> </td> <td class=\"entry\">05/28/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/910/10/#910-10-15-4\" class=\"xref\">910-10-15-4</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a> </td> <td class=\"entry\">05/28/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/910/10/#910-10-15-4\" class=\"xref\">910-10-15-4</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-06/\" class=\"xref\">Accounting Standards Update No. 2014-06</a> </td> <td class=\"entry\">03/14/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/910/10/#910-10-35-1\" class=\"xref\">910-10-35-1</a> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/asc-pdf/GUID-6F29F051-8A9B-4738-B51B-3BB1598AD7A5.pdf\" class=\"pdf-link\" target=\"_blank\" rel=\"noopener\">Maintenance Update 2019-01 (PDF)</a> </td> <td class=\"entry\">01/08/2019</td> </tr> <tr> <td class=\"entry\"> <div class=\"xref-range displayInline\"><a href=\"/asc/910/10/#910-10-45-1\" class=\"xref\">910-10-45-1 through 45-4</a></div> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/asc-pdf/GUID-6F29F051-8A9B-4738-B51B-3BB1598AD7A5.pdf\" class=\"pdf-link\" target=\"_blank\" rel=\"noopener\">Maintenance Update 2019-01 (PDF)</a> </td> <td class=\"entry\">01/08/2019</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/910/10/#910-10-45-3\" class=\"xref\">910-10-45-3</a> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a> </td> <td class=\"entry\">01/08/2019</td> </tr> <tr> <td class=\"entry\"> <div class=\"xref-range displayInline\"><a href=\"/asc/910/10/#910-10-50-1\" class=\"xref\">910-10-50-1 through 50-7</a></div> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/asc-pdf/GUID-6F29F051-8A9B-4738-B51B-3BB1598AD7A5.pdf\" class=\"pdf-link\" target=\"_blank\" rel=\"noopener\">Maintenance Update 2019-01 (PDF)</a> </td> <td class=\"entry\">01/08/2019</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/910/10/#910-10-60-1\" class=\"xref\">910-10-60-1</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a> </td> <td class=\"entry\">05/28/2014</td> </tr> </table> </div> </div>","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nContracts | Added | Accounting Standards Update No. 2014-09 | 05/28/2014 |\nCost-Type 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