ASC

ASC 225-932

Extractive Activities—Oil and Gas

225 Income Statement

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In brief

IntroductoryPresentationIndustry-specificFinancial statement presentationDisclosure

ASC 225-932 was the income statement subtopic addressing oil and gas extractive activities, but every paragraph in it (Sections 05, 15, 50, and 55) was superseded by Maintenance Update 2017-19. As a result the subtopic contains no operative guidance; readers must look to ASC 932 (Extractive Activities—Oil and Gas) and ASC 220 for income statement presentation and disclosure requirements.

Key points (4)
  • Every paragraph of ASC 225-932 — 225-932-05-1 (Overview and Background), 225-932-15-1 (Scope), 225-932-50-1 (Disclosure), and 225-932-55-1 (Implementation Guidance) — was superseded by Maintenance Update 2017-19.
  • Because no paragraphs remain in effect, ASC 225-932 imposes no recognition, presentation, or disclosure requirements of its own.
  • Income statement presentation guidance formerly indexed under ASC 225 now resides in ASC 220, Income Statement—Reporting Comprehensive Income.
  • Substantive oil and gas guidance, including required disclosures about oil and gas producing activities, is found in ASC 932.

For students. This subtopic is a shell: it survives only as a cross-reference marker after Maintenance Update 2017-19 removed all its content. The common mistake is citing 225-932 as live authority for oil and gas income statement presentation — cite ASC 932 (and ASC 220) instead.

superseded guidanceincome statement presentationoil and gas producing activitiesextractive activitiescodification housekeeping

Machine-generated study aid for ASC 225-932. Check the source paragraphs below.

225-932-00Status

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Status

225-932-00-1
The following table identifies the changes made to this Subtopic.
Paragraph Action Accounting Standards Update Date
932-225-05-1 Superseded Maintenance Update 2017-19 (PDF) 11/15/2017
932-225-15-1 Superseded Maintenance Update 2017-19 (PDF) 11/15/2017
932-225-50-1 Superseded Maintenance Update 2017-19 (PDF) 11/15/2017
932-225-55-1 Superseded Maintenance Update 2017-19 (PDF) 11/15/2017

225-932-05Overview and Background

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225-932-15Scope and Scope Exceptions

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225-932-50Disclosure

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225-932-55Implementation Guidance and Illustrations

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Related subtopics