# ASC 330-10-45: Inventory — Overall — 45 Other Presentation Matters

Source: FASB Accounting Standards Codification, Basic View

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## ASC 330-10-45: 45 Other Presentation Matters

[Read section](https://asc.understandingaccounting.org/asc/330/10/#45-other-presentation-matters)

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#### Change in Composition Is Accounting Change

##### [330-10-45-1](https://asc.understandingaccounting.org/asc/330/10/#330-10-45-1)

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See paragraph [330-10-35-19](https://asc.understandingaccounting.org/asc/330/10/#330-10-35-19) for guidance on dealing with the effects of an accounting change resulting from a change in elements of cost included in [inventory](https://asc.understandingaccounting.org/glossary/i/#inventory "The aggregate of those items of tangible personal property that have any of the following characteristics: Held for sale in the ordinary course of business In process of production for such sale To be currently consumed in the production of goods or services to be available for sale. The term inventory embraces goods awaiting sale (the merchandise of a trading concern and the finished goods of a manufacturer), goods in the course of production (work in process), and goods to be consumed directly or indirectly in production (raw materials and supplies). This definition of inventories excludes long-term assets subject to depreciation accounting, or goods which, when put into use, will be so classified. The fact that a depreciable asset is retired from regular use and held for sale does not indicate that the item should be classified as part of the inventory. Raw materials and supplies purchased for production may be used or consumed for the construction of long-term assets or other purposes not related to production, but the fact that inventory items representing a small portion of the total may not be absorbed ultimately in the production process does not require separate classification. By trade practice, operating materials and supplies of certain types of entities such as oil producers are usually treated as inventory.").

##### [330-10-45-2](https://asc.understandingaccounting.org/asc/330/10/#330-10-45-2)

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[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).