# ASC 220-912: Income Statement—Reporting Comprehensive Income — Contractors—Federal Government

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/220/912/)

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.

Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure.

Source downloaded (UTC): 2026-09-09T23:05:16.949Z to 2026-09-09T23:05:24.159Z

Record version: sha256:8b65ccab5770ba6c4cf2b29d1ce518faedbfaee37276efbd065edc7b3453ff39

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


## ASC 220-912: Income Statement—Reporting Comprehensive Income — Contractors—Federal Government

### Machine-generated study aids

```json
{
  "summary": "This industry-specific subtopic addresses how a federal government contractor presents amounts in the income statement relating to terminated contracts. After ASC 2014-09 superseded most of its guidance, the only surviving rule is that items the contractor keeps without making a claim for cost or loss stay on the balance sheet as inventory or deferred charges (220-912-45-3).",
  "key_points": [
    "The Subtopic's purpose is presentation in the income statement of amounts relating to terminated contracts (220-912-05-1).",
    "Scope follows the federal government contractor Overall Subtopic, Section 912-10-15 (220-912-15-1).",
    "Items the contractor retains without claim for cost or loss remain as inventory or deferred charges in the contractor's accounts rather than being charged to income (220-912-45-3).",
    "Paragraphs 220-912-45-1, 45-2 and 45-4 were superseded by ASU No. 2014-09, so most former termination-claim presentation guidance is now governed by the revenue recognition model."
  ],
  "categories": [
    "Presentation",
    "Industry-specific",
    "Financial statement presentation",
    "Inventory and PP&E"
  ],
  "audience_level": "intermediate",
  "student_note": "Mostly a historical shell: ASU 2014-09 gutted this Subtopic, leaving only the rule that retained items with no claim stay in inventory/deferred charges. The common mistake is looking here for termination-claim revenue guidance instead of ASC 606 and 912-10.",
  "related_topics": [
    "912-10",
    "606",
    "912-605",
    "330",
    "912-330"
  ],
  "key_concepts": [
    "terminated contracts",
    "federal government contractors",
    "termination claims",
    "inventory",
    "deferred charges",
    "income statement presentation",
    "superseded guidance"
  ]
}
```

Source downloaded (UTC): 2026-09-09T23:05:16.949Z to 2026-09-09T23:05:16.949Z

Record version: sha256:c72bd78d9867546e635fdf3a087c61ee6cf595f0e606a76ca352690b67d15d78

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


## ASC 220-912-00: 00 Status

[Read section](https://asc.understandingaccounting.org/asc/220/912/#00-status)

SEC content: no

### Status

##### [220-912-00-1](https://asc.understandingaccounting.org/asc/220/912/#220-912-00-1)

Pending content: no

Source downloaded (UTC): 2026-09-09T23:05:16.949Z to 2026-09-09T23:05:16.949Z

Record version: sha256:11759bd2b3620d4924916f0dc5b5985b78d67a0ba0c62cf357148d07b7e07894

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


The following table identifies the changes made to this Subtopic.

<table class="asc-table" id="SL114882201-224247"><tbody><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="https://asc.understandingaccounting.org/asc/220/912/#220-912-05-1" class="xref">912-220-05-1</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/asc-pdf/GUID-CE689F3C-8CB3-4F0C-9F3C-EEEF5ED9D6A5.pdf" class="pdf-link" target="_blank" rel="noopener">Maintenance Update 2017-19 (PDF)</a></td><td class="entry">11/15/2017</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/220/912/#220-912-15-1" class="xref">912-220-15-1</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/asc-pdf/GUID-CE689F3C-8CB3-4F0C-9F3C-EEEF5ED9D6A5.pdf" class="pdf-link" target="_blank" rel="noopener">Maintenance Update 2017-19 (PDF)</a></td><td class="entry">11/15/2017</td></tr><tr><td class="entry"><div class="xref-range displayInline"><a href="https://asc.understandingaccounting.org/asc/220/912/#220-912-45-1" class="xref">912-220-45-1 through 45-4</a></div></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/asc-pdf/GUID-CE689F3C-8CB3-4F0C-9F3C-EEEF5ED9D6A5.pdf" class="pdf-link" target="_blank" rel="noopener">Maintenance Update 2017-19 (PDF)</a></td><td class="entry">11/15/2017</td></tr></tbody></table>

Source downloaded (UTC): 2026-09-09T23:05:19.568Z to 2026-09-09T23:05:19.568Z

Record version: sha256:9bbf1dca2b7795f10a33f34739f18c605ed036d0584c6f6f7bc2365d5999611a

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


## ASC 220-912-05: 05 Overview and Background

[Read section](https://asc.understandingaccounting.org/asc/220/912/#05-overview-and-background)

SEC content: no

##### [220-912-05-1](https://asc.understandingaccounting.org/asc/220/912/#220-912-05-1)

Pending content: no

Source downloaded (UTC): 2026-09-09T23:05:19.568Z to 2026-09-09T23:05:19.568Z

Record version: sha256:b6806f0cafaf1ca989ba7c21b14693dea36c8083db32320601e6e1a757781979

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


This Subtopic provides guidance on presentation in the income statement for amounts relating to terminated contracts.

Source downloaded (UTC): 2026-09-09T23:05:22.444Z to 2026-09-09T23:05:22.444Z

Record version: sha256:57b74ad2499724097e23d2319011c35915413e34f97a32d5c6c5972093c587d0

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


## ASC 220-912-15: 15 Scope and Scope Exceptions

[Read section](https://asc.understandingaccounting.org/asc/220/912/#15-scope-and-scope-exceptions)

SEC content: no

#### Overall Guidance

##### [220-912-15-1](https://asc.understandingaccounting.org/asc/220/912/#220-912-15-1)

Pending content: no

Source downloaded (UTC): 2026-09-09T23:05:22.444Z to 2026-09-09T23:05:22.444Z

Record version: sha256:1038b9e84ef6d6f3e4dd840873e2d87b10c2f93793c84892f7a1aeb27f1dded5

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 912-10-15.

Source downloaded (UTC): 2026-09-09T23:05:24.159Z to 2026-09-09T23:05:24.159Z

Record version: sha256:3629cbef8cd9924aedf7de3e74beb3726e1fae3e9dd43e367a1972f780de51ea

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


## ASC 220-912-45: 45 Other Presentation Matters

[Read section](https://asc.understandingaccounting.org/asc/220/912/#45-other-presentation-matters)

SEC content: no

##### [220-912-45-1](https://asc.understandingaccounting.org/asc/220/912/#220-912-45-1)

Pending content: no

Source downloaded (UTC): 2026-09-09T23:05:24.159Z to 2026-09-09T23:05:24.159Z

Record version: sha256:ae86b20aa0b5c374925378a841711dda229a3080c12e65dca99bf0983abdbe70

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).

##### [220-912-45-2](https://asc.understandingaccounting.org/asc/220/912/#220-912-45-2)

Pending content: no

Source downloaded (UTC): 2026-09-09T23:05:24.159Z to 2026-09-09T23:05:24.159Z

Record version: sha256:595d02d8d606513eebf41eb55bdfe7f4ce12489264a1c2fabe9bc20de0b79195

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).

#### Terminated Contracts

##### [220-912-45-3](https://asc.understandingaccounting.org/asc/220/912/#220-912-45-3)

Pending content: no

Source downloaded (UTC): 2026-09-09T23:05:24.159Z to 2026-09-09T23:05:24.159Z

Record version: sha256:48571403a7d5688743f07a1b75f32e2c21f5598d7f16334848ac674db3726d6b

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


Any items the contractor retains without claim for cost or loss shall remain as inventory or deferred charges in the contractor's accounts.

##### [220-912-45-4](https://asc.understandingaccounting.org/asc/220/912/#220-912-45-4)

Pending content: no

Source downloaded (UTC): 2026-09-09T23:05:24.159Z to 2026-09-09T23:05:24.159Z

Record version: sha256:5052a7a1a3ba7b3d83f1d8c4458b497dc2b202509e1560ed32ca6e724e33b2cb

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).