contract asset

Assets2

1. 310-910Contractors—Construction310 Receivables

   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 Every paragraph in the subtopic has been superseded — the presentation and disclosure paragraphs by ASU 2014-09 (the revenue standard) and the remainder by Maintenance Update No. 2019-01.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).

2. 310-912Contractors—Federal Government310 Receivables

   This Subtopic tells federal government contractors how to recognize, present, and disclose receivables arising from government contracts. Its core rules: unbilled costs and fees under cost-plus-fixed-fee contracts are receivables or contract assets (not advances or inventory); progress payments are applied first against unbilled receivables (or accounted for as financing if the government obtains only a secured interest); and a terminated contract converts contract inventory into a termination claim receivable classified as a current asset.