{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/330/912/#25-recognition","source":"FASB Accounting Standards Codification, Basic View","usage":"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.","topic":"330","topic_title":"Inventory","subtopic":"330-912","subtopic_title":"Contractors—Federal Government","section":{"number":"25","label":"25 Recognition","anchor":"25-recognition","is_sec":false,"groups":[{"block":null,"heading":"Termination Claims","paragraphs":[{"citation":"330-912-25-1","para":"25-1","html":"
If inventory items whose costs are included in the termination claim are subsequently reacquired by the contractor the reacquisition value of those items shall be recorded as a purchase and applied in accordance with the guidance in paragraph 912-310-35-1.
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So called no-cost settlements—those in which the contractor waives the right to make a claim—result in no transaction that could be reflected in sales. The costs applicable to the contract shall be given their usual classification. The inventory retained shall not be treated as a purchase but shall be accounted for according to the usual methods and standards applicable to inventories.
","snippet":"So called no-cost settlements—those in which the contractor waives the right to make a claim—result in no transaction that could be reflected in sales. The costs applicable to the contract shall be given their usual clas…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:372872e74a90d0005c1d761d12342e27a5648d9202de73b1b88bf0cad1d8c868","downloaded_from":"2026-09-09T23:52:39.099Z","last_downloaded_at":"2026-09-09T23:52:39.099Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478182","source_sha256":"c05fb27b99fb481f877fdd695926e76d0263405b3f6de03af57d29f74f739d5c"}},{"citation":"330-912-25-3","para":"25-3","html":"
For a discussion of inventory retained or sold to outsiders that relates to terminated contracts for the convenience of the government, see paragraphs
912-310-25-4 through 25-5
.
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