# ASC 330-10-00: Inventory — Overall — 00 Status

Source: FASB Accounting Standards Codification, Basic View

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## ASC 330-10-00: 00 Status

[Read section](https://asc.understandingaccounting.org/asc/330/10/#00-status)

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##### [330-10-00-1](https://asc.understandingaccounting.org/asc/330/10/#330-10-00-1)

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The following table identifies the changes made to this Subtopic.

<table class="asc-table" id="SL29646587-159039"><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/glossary/c/#customer" class="term" title="A party that has contracted with an entity to obtain goods or services that are an output of the entity's ordinary activities in exchange for consideration."><span>Customer</span></a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/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="https://asc.understandingaccounting.org/glossary/d/#direct-effects-of-a-change-in-accounting-principle" class="term" title="Those recognized changes in assets or liabilities necessary to effect a change in accounting principle. An example of a direct effect is an adjustment to an inventory balance to effect a change in inventory valuation method. Related changes, such as an effect on deferred income tax assets or liabilities or an impairment adjustment resulting from applying the subsequent measurement guidance in Subtopic 330-10to the adjusted inventory balance, also are examples of direct effects of a change in accounting principle."><span>Direct Effects of a Change in Accounting Principle</span></a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2015-11/" class="xref">Accounting Standards Update No. 2015-11</a></td><td class="entry">07/22/2015</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/glossary/m/#market" class="term" title="As used in the phrase lower of cost or market, the term market means current replacement cost (by purchase or by reproduction, as the case may be) provided that it meets both of the following conditions: Market shall not exceed the net realizable valueMarket shall not be less than net realizable value reduced by an allowance for an approximately normal profit margin."><span>Market</span></a> (2nd def.)</td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/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"><strong class="ph b">Net Realizable Value</strong> (1st def.)</td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/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="https://asc.understandingaccounting.org/glossary/n/#net-realizable-value" class="term" title="Estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation."><span>Net Realizable Value</span></a> (2nd def.)</td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/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="https://asc.understandingaccounting.org/glossary/p/#public-business-entity" class="term" title="A public business entity is a business entity meeting any one of the criteria below. Neither a not-for-profit entity nor an employee benefit plan is a business entity. It is required by the U.S. Securities and Exchange Commission (SEC) to file or furnish financial statements, or does file or furnish financial statements (including voluntary filers), with the SEC (including other entities whose financial statements or financial information are required to be or are included in a filing). It is required by the Securities Exchange Act of 1934 (the Act), as amended, or rules or regulations promulgated under the Act, to file or furnish financial statements with a regulatory agency other than the SEC. It is required to file or furnish financial statements with a foreign or domestic regulatory agency in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer. It has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an over-the-counter market. It has one or more securities that are not subject to contractual restrictions on transfer, and it is required by law, contract, or regulation to prepare U.S. GAAP financial statements (including notes) and make them publicly available on a periodic basis (for example, interim or annual periods). An entity must meet both of these conditions to meet this criterion. An entity may meet the definition of a public business entity solely because its financial statements or financial information is included in another entity's filing with the SEC. In that case, the entity is only a public business entity for purposes of financial statements that are filed or furnished with the SEC."><span>Public Business Entity</span></a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/asc-pdf/GUID-86B34FCD-7B0A-4349-8682-E212043FD47A.pdf" class="pdf-link" target="_blank" rel="noopener">Maintenance Update 2017-06 (PDF)</a></td><td class="entry">04/07/2017</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/glossary/p/#public-business-entity" class="term" title="A public business entity is a business entity meeting any one of the criteria below. Neither a not-for-profit entity nor an employee benefit plan is a business entity. It is required by the U.S. Securities and Exchange Commission (SEC) to file or furnish financial statements, or does file or furnish financial statements (including voluntary filers), with the SEC (including other entities whose financial statements or financial information are required to be or are included in a filing). It is required by the Securities Exchange Act of 1934 (the Act), as amended, or rules or regulations promulgated under the Act, to file or furnish financial statements with a regulatory agency other than the SEC. It is required to file or furnish financial statements with a foreign or domestic regulatory agency in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer. It has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an over-the-counter market. It has one or more securities that are not subject to contractual restrictions on transfer, and it is required by law, contract, or regulation to prepare U.S. GAAP financial statements (including notes) and make them publicly available on a periodic basis (for example, interim or annual periods). An entity must meet both of these conditions to meet this criterion. An entity may meet the definition of a public business entity solely because its financial statements or financial information is included in another entity's filing with the SEC. In that case, the entity is only a public business entity for purposes of financial statements that are filed or furnished with the SEC."><span>Public Business Entity</span></a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/asc-pdf/GUID-8C0B93FE-237A-4BFA-8880-FE749B3CAFCB.pdf" class="pdf-link" target="_blank" rel="noopener">Maintenance Update 2016-11 (PDF)</a></td><td class="entry">06/27/2016</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/glossary/r/#reseller" class="term" title="Any entity that purchases another vendor's products for resale, regardless of whether that entity is a distributor or wholesaler, a retailer, or other type of reseller."><span>Reseller</span></a> (2nd def.)</td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/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="https://asc.understandingaccounting.org/glossary/v/#vendor" class="term" title="A service provider or product seller, such as a manufacturer, distributor, or reseller."><span>Vendor</span></a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/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="https://asc.understandingaccounting.org/asc/330/10/#330-10-30-8" class="xref">330-10-30-8</a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/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="https://asc.understandingaccounting.org/asc/330/10/#330-10-30-19" class="xref">330-10-30-19</a></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/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="https://asc.understandingaccounting.org/asc/330/10/#330-10-30-20" class="xref">330-10-30-20</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/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="https://asc.understandingaccounting.org/asc/330/10/#330-10-30-21" class="xref">330-10-30-21</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/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="https://asc.understandingaccounting.org/asc/330/10/#330-10-35-1" class="xref">330-10-35-1</a></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2015-11/" class="xref">Accounting Standards Update No. 2015-11</a></td><td class="entry">07/22/2015</td></tr><tr><td class="entry"><div class="xref-range displayInline"><a href="https://asc.understandingaccounting.org/asc/330/10/#330-10-35-1A" class="xref">330-10-35-1A through 35-1C</a></div></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2015-11/" class="xref">Accounting Standards Update No. 2015-11</a></td><td class="entry">07/22/2015</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/330/10/#330-10-35-2" class="xref">330-10-35-2</a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2015-11/" class="xref">Accounting Standards Update No. 2015-11</a></td><td class="entry">07/22/2015</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/330/10/#330-10-35-6" class="xref">330-10-35-6</a></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2015-11/" class="xref">Accounting Standards Update No. 2015-11</a></td><td class="entry">07/22/2015</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/330/10/#330-10-35-7A" class="xref">330-10-35-7A</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2015-11/" class="xref">Accounting Standards Update No. 2015-11</a></td><td class="entry">07/22/2015</td></tr><tr><td class="entry"><div class="xref-range displayInline"><a href="https://asc.understandingaccounting.org/asc/330/10/#330-10-35-8" class="xref">330-10-35-8 through 35-11</a></div></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2015-11/" class="xref">Accounting Standards Update No. 2015-11</a></td><td class="entry">07/22/2015</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/330/10/#330-10-35-21" class="xref">330-10-35-21</a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/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="https://asc.understandingaccounting.org/asc/330/10/#330-10-35-22" class="xref">330-10-35-22</a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/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="https://asc.understandingaccounting.org/asc/330/10/#330-10-45-2" class="xref">330-10-45-2</a></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/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="https://asc.understandingaccounting.org/asc/330/10/#330-10-50-1" class="xref">330-10-50-1</a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2012-04/" class="xref">Accounting Standards Update No. 2012-04</a></td><td class="entry">10/01/2012</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/330/10/#330-10-50-2" class="xref">330-10-50-2</a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2015-11/" class="xref">Accounting Standards Update No. 2015-11</a></td><td class="entry">07/22/2015</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/330/10/#330-10-50-5" class="xref">330-10-50-5</a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2024-03/" class="xref">Accounting Standards Update No. 2024-03</a></td><td class="entry">11/04/2024</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/330/10/#330-10-55-2" class="xref">330-10-55-2</a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2015-11/" class="xref">Accounting Standards Update No. 2015-11</a></td><td class="entry">07/22/2015</td></tr><tr><td class="entry"><div class="xref-range displayInline"><a href="https://asc.understandingaccounting.org/asc/330/10/#330-10-55-5" class="xref">330-10-55-5 through 55-7</a></div></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2017-07/" class="xref">Accounting Standards Update No. 2017-07</a></td><td class="entry">03/10/2017</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/330/10/#330-10-55-6A" class="xref">330-10-55-6A</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2017-07/" class="xref">Accounting Standards Update No. 2017-07</a></td><td class="entry">03/10/2017</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/330/10/#330-10-65-1" class="xref">330-10-65-1</a></td><td class="entry">Added</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2015-11/" class="xref">Accounting Standards Update No. 2015-11</a></td><td class="entry">07/22/2015</td></tr></tbody></table>