codification research

Liabilities1

1. 405-910Contractors—Construction405 Liabilities

   ASC 405-910 formerly provided liability guidance (offsetting/presentation and disclosure of advances, billings, and related contractor obligations) for construction contractors. Every paragraph in the subtopic — Sections 05, 15, 45, and 50 — was superseded by ASU 2014-09 (Revenue from Contracts with Customers).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).