# ASC 450-912-05: Contingencies — Contractors—Federal Government — 05 Overview and Background

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/450/912/#05-overview-and-background)

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## ASC 450-912-05: 05 Overview and Background

[Read section](https://asc.understandingaccounting.org/asc/450/912/#05-overview-and-background)

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##### [450-912-05-1](https://asc.understandingaccounting.org/asc/450/912/#450-912-05-1)

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This Subtopic provides guidance to government contractors related to contingencies associated with contracts terminated for the convenience of the government and [subcontractor claims](https://asc.understandingaccounting.org/glossary/s/#subcontractor-claims "Those obligations of a contractor to a subcontractor that arise from the subcontractor's costs incurred through transactions that were related to a contract terminated but did not result in the transfer of billable materials or services to the contractor before termination.") under terminated contracts.