FASB ASC 910 – Contractors – Construction
FASB ASC Guide > FASB ASC 910
The Financial Accounting Standards Board (FASB) released Accounting Standards Codification 910 (ASC 910) to address topics related to construction contracting businesses. As this industry has its own unique transaction types, specific standards for accounting for these costs are needed.
The most significant and unique topics for construction contractors from an accounting point of view are those dealing with contracts and revenue recognition. The timing of contract costs being charged through and the ability to measure revenue earned on long term contracts are areas which need special attention.
Check out more high level explanations of the FASB ASC in our Guide to the Accounting Standards Codification!
For more in depth information on this and other FASB ASC topics, check out the following books.
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