# ASC Topic 235: Notes to Financial Statements Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/235/) 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. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-09T23:14:08.789Z to 2026-09-09T23:16:53.919Z Record version: sha256:f1fb977043d2aa53e0995407865ac79232c3ff927af1d9b4630fa1cd4df0fc10 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## Machine-generated topic summary ASC 235 governs the notes to financial statements, centering on the requirement in ASC 235-10-50-1 that any financial statements purporting to present fairly in accordance with GAAP include a description of all significant accounting policies as an integral part of the statements — preferably in a separate summary preceding the notes or as the initial note (235-10-50-6). "Accounting policies" are the specific principles and methods management judges most appropriate (235-10-05-3), and disclosure must highlight selections among acceptable alternatives, industry-peculiar methods, and unusual or innovative applications of GAAP (235-10-50-3), without duplicating detail shown elsewhere (235-10-50-5). Several industry subtopics remain: 235-946 (investment companies with multiple classes, master-feeder structures, and funds of funds), 235-972 (common interest realty associations, including unaudited supplementary estimates of future major repairs and replacements), and 932-235 (oil and gas — cost method, capitalized exploratory well costs, and supplementary reserve and standardized measure disclosures for publicly traded entities). The industry overlays for construction contractors (235-910), federal government contractors (235-912), and development stage entities (235-915) are fully superseded, so those entities now rely on the general policy-disclosure requirements of 235-10 together with ASC 606. Source downloaded (UTC): 2026-09-09T23:14:08.789Z to 2026-09-09T23:14:35.922Z Record version: sha256:377a008ace55dc638d4bc59a04d4483613a47ef9a27307dca21286420f0b27bf Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-10: Notes to Financial Statements — Overall ### Machine-generated study aids ```json { "summary": "ASC 235-10 requires an entity whose financial statements purport to present fairly financial position, cash flows, and results of operations in accordance with GAAP to include a description of all significant accounting policies as an integral part of those statements (235-10-50-1). \"Accounting policies\" are the specific accounting principles and the methods of applying them that management judges most appropriate in the circumstances (235-10-05-3). The disclosure must cover principles and methods that materially affect the financial statements, especially selections among acceptable alternatives, industry-peculiar methods, and unusual or innovative applications of GAAP (235-10-50-3).", "key_points": [ "The guidance applies to all entities (235-10-15-2), and applies to any basic financial statement issued alone that purports to present fairly in accordance with GAAP (235-10-50-1).", "A description of all significant accounting policies must be included as an integral part of financial statements that are issued or available to be issued (235-10-50-1).", "The requirement does not apply to unaudited interim financial statements issued between annual reporting dates if the entity has not changed its accounting policies since the end of the preceding fiscal year (235-10-50-2).", "Disclosure must identify and describe principles and methods that materially affect financial position, cash flows, or results of operations, including important judgments about revenue recognition and allocation of asset costs, and specifically: selections from existing acceptable alternatives, industry-peculiar principles, and unusual or innovative applications of GAAP (235-10-50-3).", "Commonly required policy disclosures include basis of consolidation, depreciation methods, amortization of intangibles, inventory pricing, revenue recognition from contracts with customers, and revenue recognition from leasing operations (235-10-50-4).", "Policy disclosure shall not duplicate details presented elsewhere in the financial statements and may cross-reference them; changes in accounting policies during the period are described with cross-reference to Topic 250 disclosures (235-10-50-5).", "Format and location are flexible, but disclosure is preferred in a separate summary of significant accounting policies preceding the notes or as the initial note (235-10-50-6); policy disclosures for specific line items are addressed in the related Topics (235-10-05-2)." ], "categories": [ "Disclosure", "Presentation", "Financial statement presentation" ], "audience_level": "introductory", "student_note": "This is the source of the ubiquitous \"Note 1 — Summary of Significant Accounting Policies,\" so it shows up on exams as the general disclosure baseline. A common misunderstanding is thinking the note should repeat detailed balances (inventory composition, PP&E rollforwards) — 235-10-50-5 forbids duplication; the note describes the principles and methods chosen, not the numbers.", "related_topics": [ "250", "270", "855", "205", "275" ], "key_concepts": [ "significant accounting policies", "summary of significant accounting policies", "notes to financial statements", "present fairly in accordance with gaap", "selection among acceptable alternatives", "industry-peculiar accounting methods", "interim financial statements exemption", "cross-reference to related details" ] } ``` Source downloaded (UTC): 2026-09-09T23:14:08.789Z to 2026-09-09T23:14:08.789Z Record version: sha256:dc18d5117d4c35807e9b7e26fa4f70169c0b324d600537bb34c0105762c56c70 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-10-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/235/10/#00-status) SEC content: no ##### [235-10-00-1](https://asc.understandingaccounting.org/asc/235/10/#235-10-00-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:08.789Z to 2026-09-09T23:14:08.789Z Record version: sha256:430828ae353f4368264c1422a29f57333a6164e7b0477f066b17397fa5ca27dc Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
ContractAddedAccounting Standards Update No. 2014-0905/28/2014
CustomerAddedAccounting Standards Update No. 2014-0905/28/2014
Financial InstrumentAmendedAccounting Standards Update No. 2024-0203/29/2024
RevenueAddedAccounting Standards Update No. 2014-0905/28/2014
235-10-50-4AmendedAccounting Standards Update No. 2014-0905/28/2014
235-10-50-6AmendedMaintenance Update 2016-11 (PDF)06/27/2016
Source downloaded (UTC): 2026-09-09T23:14:12.457Z to 2026-09-09T23:14:12.457Z Record version: sha256:f212faaccec9869c959922e500703dd2338dc039f98c9bed8d4f30a3415bfeb4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-10-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/235/10/#05-overview-and-background) SEC content: no ##### [235-10-05-1](https://asc.understandingaccounting.org/asc/235/10/#235-10-05-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:12.457Z to 2026-09-09T23:14:12.457Z Record version: sha256:ea4c9fa6e05dd615138303000fffd08281367b31dce4ded38c867350442d6174 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The Notes to Financial Statements Topic addresses the content and usefulness of disclosure by an entity of the accounting policies judged by management to be most appropriate to fairly present the entity's financial statements. ##### [235-10-05-2](https://asc.understandingaccounting.org/asc/235/10/#235-10-05-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:12.457Z to 2026-09-09T23:14:12.457Z Record version: sha256:8de298aff000e8ff14fefbc1992edba26cd59caa78e86a353ad800b8fb1fa4fd Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Disclosure of accounting policies related to specific financial statement line items are addressed in the related Topics. #### Importance of Accounting Policies Disclosure ##### [235-10-05-3](https://asc.understandingaccounting.org/asc/235/10/#235-10-05-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:12.457Z to 2026-09-09T23:14:12.457Z Record version: sha256:693bbaadf2e60df20778418e3f2ddd359422b519d9ee28560bfbe0583476519e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The accounting policies of an entity are the specific accounting principles and the methods of applying those principles that are judged by the management of the entity to be the most appropriate in the circumstances to present fairly financial position, cash flows, and results of operations in accordance with generally accepted accounting principles (GAAP) and that, accordingly, have been adopted for preparing the financial statements. ##### [235-10-05-4](https://asc.understandingaccounting.org/asc/235/10/#235-10-05-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:12.457Z to 2026-09-09T23:14:12.457Z Record version: sha256:d1586c3a74d2931a71675b04e3f788a582046e571659078641b7e40f6793dada Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The accounting policies adopted by an entity can affect significantly the presentation of its financial position, cash flows, and results of operations. Accordingly, the usefulness of financial statements for purposes of making economic decisions about the entity depends significantly upon the user's understanding of the accounting policies followed by the entity. Source downloaded (UTC): 2026-09-09T23:14:15.992Z to 2026-09-09T23:14:15.992Z Record version: sha256:f4957e0099f58f15f888ea5f1b3d2ed13910056b5f2c8a22e84394d3d729419c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-10-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/235/10/#15-scope-and-scope-exceptions) SEC content: no #### Overall Guidance ##### [235-10-15-1](https://asc.understandingaccounting.org/asc/235/10/#235-10-15-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:15.992Z to 2026-09-09T23:14:15.992Z Record version: sha256:f0d5b0b0d5ec8e5b8ac2eefb55325bb7e6c961ff7615e540912f90b6e02019ba Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The Scope Section of the Overall Subtopic establishes the pervasive scope for the Notes to Financial Statements Topic. #### Entities ##### [235-10-15-2](https://asc.understandingaccounting.org/asc/235/10/#235-10-15-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:15.992Z to 2026-09-09T23:14:15.992Z Record version: sha256:f6ffb28c587aa68dcf71f90b67b5e1f918843c7f11d26760940afe4af8afb9a5 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The guidance in the Notes to Financial Statements Topic applies to all entities. Source downloaded (UTC): 2026-09-09T23:14:22.348Z to 2026-09-09T23:14:22.348Z Record version: sha256:b0011c1ef6dfaf92817cfc1d0da7a6e080c520219978e1d98c885c604521475f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-10-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/235/10/#50-disclosure) SEC content: no #### Accounting Policies Disclosure ##### [235-10-50-1](https://asc.understandingaccounting.org/asc/235/10/#235-10-50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:22.348Z to 2026-09-09T23:14:22.348Z Record version: sha256:db2d4459749e54795415da0a6ce920eb0d9b7b539b6ddf34b061b4b99de35504 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Information about the accounting policies adopted by an entity is essential for financial statement users. When financial statements that are issued or are available to be issued (as discussed in Section 855-10-25) purport to present fairly financial position, cash flows, and results of operations in accordance with generally accepted accounting principles (GAAP), a description of all significant accounting policies of the entity shall be included as an integral part of the financial statements. In circumstances where it may be appropriate to issue one or more of the basic financial statements without the others, purporting to present fairly the information given in accordance with GAAP, statements so presented also shall include disclosure of the pertinent accounting policies. #### Accounting Policies Disclosure in Interim Periods ##### [235-10-50-2](https://asc.understandingaccounting.org/asc/235/10/#235-10-50-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:22.348Z to 2026-09-09T23:14:22.348Z Record version: sha256:a2a13e5f07c88667e175f86e1891ad52863826e21e84cc646e3d8f6037a8c548 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The provisions of paragraph [235-10-50-1](https://asc.understandingaccounting.org/asc/235/10/#235-10-50-1) are not intended to apply to unaudited financial statements issued as of a date between annual reporting dates (for example, each quarter) if the reporting entity has not changed its accounting policies since the end of its preceding fiscal year. #### What to Disclose ##### [235-10-50-3](https://asc.understandingaccounting.org/asc/235/10/#235-10-50-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:22.348Z to 2026-09-09T23:14:22.348Z Record version: sha256:7251c0272ad6b63b0fe1590a25e062eed75aa6b1978648b2e9ec28562e85e6ff Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Disclosure of accounting policies shall identify and describe the accounting principles followed by the entity and the methods of applying those principles that materially affect the determination of financial position, cash flows, or results of operations. In general, the disclosure shall encompass important judgments as to appropriateness of principles relating to recognition of revenue and allocation of asset costs to current and future periods; in particular, it shall encompass those accounting principles and methods that involve any of the following: 1. a A selection from existing acceptable alternatives 2. b Principles and methods peculiar to the industry in which the entity operates, even if such principles and methods are predominantly followed in that industry 3. c Unusual or innovative applications of GAAP. #### Examples of Disclosures ##### [235-10-50-4](https://asc.understandingaccounting.org/asc/235/10/#235-10-50-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:22.348Z to 2026-09-09T23:14:22.348Z Record version: sha256:ee1133a77690ee1abb3c3d2c8e96faaed2550d0871cdf5365e7df658e3712fa3 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Examples of disclosures by an entity commonly required with respect to accounting policies would include, among others, those relating to the following: 1. a Basis of consolidation 2. b Depreciation methods 3. c Amortization of intangibles 4. d Inventory pricing 5. e Recognition of [revenue](https://asc.understandingaccounting.org/glossary/r/#revenue "Inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations.") from [contracts](https://asc.understandingaccounting.org/glossary/c/#contract "An agreement between two or more parties that creates enforceable rights and obligations.") with [customers](https://asc.understandingaccounting.org/glossary/c/#customer "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.") 6. f Recognition of revenue from leasing operations. #### Avoid Duplicate Details of Disclosures ##### [235-10-50-5](https://asc.understandingaccounting.org/asc/235/10/#235-10-50-5) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:22.348Z to 2026-09-09T23:14:22.348Z Record version: sha256:4ea66ed74104a1a7ad83d02ef384ee0056558e531a25f518bb18939097416ee3 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Financial statement disclosure of accounting policies shall not duplicate details (for example, composition of inventories or of plant assets) presented elsewhere as part of the financial statements. In some cases, the disclosure of accounting policies shall refer to related details presented elsewhere as part of the financial statements; for example, changes in accounting policies during the period shall be described with cross-reference to the disclosure required by Topic 250. #### Format ##### [235-10-50-6](https://asc.understandingaccounting.org/asc/235/10/#235-10-50-6) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:22.348Z to 2026-09-09T23:14:22.348Z Record version: sha256:1ec57f0d0d44caf992b7b8ff2c07f4fb24332ed5a361869fe4f17a31b199d705 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic recognizes the need for flexibility in matters of format (including the location) of disclosure of accounting policies provided that the entity identifies and describes its significant accounting policies as an integral part of its financial statements in accordance with the provisions of this Subtopic. Disclosure is preferred in a separate summary of significant accounting policies preceding the notes to financial statements (notes), or as the initial note, under the same or a similar title. Source downloaded (UTC): 2026-09-09T23:14:28.275Z to 2026-09-09T23:14:28.275Z Record version: sha256:aa6744bb085907b1b6e501dd81769261e60b31fe2807430922e4b81b7918e746 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-10-S00: SEC 00 Status [Read section](https://asc.understandingaccounting.org/asc/235/10/#sec-00-status) SEC content: yes ##### [235-10-S00-1](https://asc.understandingaccounting.org/asc/235/10/#235-10-S00-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:28.275Z to 2026-09-09T23:14:28.275Z Record version: sha256:d71997a44f2330687acfe425d65edcb67d9650e4364ee28522f0b33e184b7fdc Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
235-10-S99-1 through S99-4
AmendedAccounting Standards Update No. 2019-0707/26/2019
235-10-S99-1AmendedAccounting Standards Update No. 2012-0308/27/2012
235-10-S99-1AmendedAccounting Standards Update No. 2010-2108/02/2010
235-10-S99-1AmendedAccounting Standards Update No. 2009-0709/15/2009
235-10-S99-5AmendedAccounting Standards Update No. 2012-0308/27/2012
Source downloaded (UTC): 2026-09-09T23:14:29.969Z to 2026-09-09T23:14:29.969Z Record version: sha256:0a2bd1fdc590cb212505ab2f57d5086078138f7396654fb737b491ee878a06b5 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-10-S50: SEC 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/235/10/#sec-50-disclosure) SEC content: yes #### Required General Disclosures ##### [235-10-S50-1](https://asc.understandingaccounting.org/asc/235/10/#235-10-S50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:29.969Z to 2026-09-09T23:14:29.969Z Record version: sha256:58bbfc37e47deadd6bcbafbd6d25bb65f20e361f00b054630d3543898d9856af Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [235-10-S99-1](https://asc.understandingaccounting.org/asc/235/10/#235-10-S99-1), Regulation S-X Rule 4-08, for requirements on disclosures to be included in the notes to financial statements. #### Foreign Private Issuers ##### [235-10-S50-2](https://asc.understandingaccounting.org/asc/235/10/#235-10-S50-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:29.969Z to 2026-09-09T23:14:29.969Z Record version: sha256:c2912b7ad30850f5eb09b9729aad9970064c5625d98813d0262ac5c57ba3d05e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [235-10-S99-5](https://asc.understandingaccounting.org/asc/235/10/#235-10-S99-5), SAB Topic 1.D.1, for SEC Staff views on disclosures to be provided by foreign private issuers. #### Disclosures from Supplemental Schedules ##### [235-10-S50-3](https://asc.understandingaccounting.org/asc/235/10/#235-10-S50-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:29.969Z to 2026-09-09T23:14:29.969Z Record version: sha256:ec43ec5cc0a902eabfbf92d6b377bffb44f64881a7090f3f9e43b53f2e96a2b3 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [235-10-S99-2](https://asc.understandingaccounting.org/asc/235/10/#235-10-S99-2), Regulation S-X Rule 12-01, for the references to the required supplemental schedules to be considered. ##### [235-10-S50-4](https://asc.understandingaccounting.org/asc/235/10/#235-10-S50-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:29.969Z to 2026-09-09T23:14:29.969Z Record version: sha256:108b9096749d4869d5a5e0a16e7af3f45dab99a48fdac9cbea64444140f110d3 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [235-10-S99-3](https://asc.understandingaccounting.org/asc/235/10/#235-10-S99-3), Regulation S-X Rule 12-04, for the disclosure requirements pertaining to condensed financial information of the registrant in situations where such disclosures are required. ##### [235-10-S50-5](https://asc.understandingaccounting.org/asc/235/10/#235-10-S50-5) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:29.969Z to 2026-09-09T23:14:29.969Z Record version: sha256:49fd9942a6e6d5289707c86ae391e0a26df1988033a1015f33207e80643e8fb0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [235-10-S99-4](https://asc.understandingaccounting.org/asc/235/10/#235-10-S99-4), Regulation S-X Rule 12-09, for the requirements for the schedule of valuation and qualifying accounts. Source downloaded (UTC): 2026-09-09T23:14:35.922Z to 2026-09-09T23:14:35.922Z Record version: sha256:b50ef8b99af36630c5e4c043290091cb545da0490477f83c7f86e8945d22441b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-10-S99: SEC 99 SEC Materials [Read section](https://asc.understandingaccounting.org/asc/235/10/#sec-99-sec-materials) SEC content: yes #### SEC Rules, Regulations, and Interpretations ##### [235-10-S99-1](https://asc.understandingaccounting.org/asc/235/10/#235-10-S99-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:35.922Z to 2026-09-09T23:14:35.922Z Record version: sha256:17db1c52d3f87cfea8796245685a09684a4a9076db08f98342a158aef3c2af58 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of Regulation S-X Rule 4-08, General Notes to Financial Statements (17 CFR 210.4-08). - If applicable to the person for which the financial statements are filed, the following shall be set forth on the face of the appropriate statement or in appropriately captioned notes. The information shall be provided for each statement required to be filed, except that the information required by paragraphs (b), (c), (d), (e) and (f) of this section shall be provided as of the most recent audited balance sheet being filed and for paragraph (j) of this section as specified therein. When specific statements are presented separately, the pertinent notes shall accompany such statements unless cross-referencing is appropriate. - (a) \[Reserved\] - (b) Assets subject to lien. Assets mortgaged, pledged, or otherwise subject to lien, and the approximate amounts thereof, shall be designated and the obligations collateralized briefly identified. - (c) Defaults. The facts and amounts concerning any default in principal, interest, sinking fund, or redemption provisions with respect to any issue of securities or credit agreements, or any breach of covenant of a related indenture or agreement, which default or breach existed at the date of the most recent balance sheet being filed and which has not been subsequently cured, shall be stated in the notes to the financial statements. If a default or breach exists but acceleration of the obligation has been waived for a stated period of time beyond the date of the most recent balance sheet being filed, state the amount of the obligation and the period of the waiver. - (d) Preferred shares. Aggregate preferences on involuntary liquidation, if other than par or stated value, shall be shown parenthetically in the equity section of the balance sheet. - (e) Restrictions which limit the payment of dividends by the registrant. - (1) Describe the most significant restrictions on the payment of dividends by the registrant, indicating their sources, their pertinent provisions, and the amount of retained earnings or net income restricted or free of restrictions. - (2) Disclose the amount of consolidated retained earnings which represents undistributed earnings of 50 percent or less owned persons accounted for by the equity method. - (3) The disclosures in paragraphs (e)(3)(i) and (ii) of this section shall be provided when material. - (i) Describe the nature of any restrictions on the ability of consolidated subsidiaries and unconsolidated subsidiaries to transfer funds to the registrant in the form of cash dividends, loans or advances (i. e., borrowing arrangements, regulatory restraints, foreign government, etc.) - (ii) Disclose separately the amounts of such restricted net assets for unconsolidated subsidiaries and consolidated subsidiaries as of the end of the most recently completed fiscal year. - (f) Significant changes in bonds, mortgages and similar debt. Any significant changes in the authorized amounts of bonds, mortgages and similar debt since the date of the latest balance sheet being filed for a particular person or group shall be stated. - (g) Summarized financial information of subsidiaries not consolidated and 50 percent or less owned persons. - (1) The summarized information as to assets, liabilities and results of operations as detailed in § 210.1-02(bb) shall be presented in notes to the financial statements on an individual or group basis for: - (i) Subsidiaries not consolidated; or - (ii) For 50 percent or less owned persons accounted for by the equity method by the registrant or by a subsidiary of the registrant, if the criteria in § 210.1-02(w) for a significant subsidiary are met: - (A) Individually by any subsidiary not consolidated or any 50% or less owned person; or - (B) On an aggregated basis by any combination of such subsidiaries and persons. - (2) Summarized financial information shall be presented insofar as is practicable as of the same dates and for the same periods as the audited consolidated financial statements provided and shall include the disclosures prescribed by § 210.1-02(bb). Summarized information of subsidiaries not consolidated shall not be combined for disclosure purposes with the summarized information of 50 percent or less owned persons. - (h) Income tax expense. - (1) Disclosure shall be made in the statement of comprehensive income or a note thereto, of the components of income (loss) before income tax expense (benefit) as either domestic or foreign. - NOTE 1 to Paragraph (h)(1): Amounts applicable to United States Federal income taxes, to foreign income taxes and the other income taxes shall be stated separately for each major component. Amounts applicable to foreign income (loss) and amounts applicable to foreign or other income taxes which are less than five percent of the total of income before taxes or the component of tax expense, respectively, need not be separately disclosed. For purposes of this rule, foreign income (loss) is defined as income (loss) generated from a registrant's foreign operations, i. e., operations that are _located outside_ of the registrant's home country. - (2) In the reconciliation between the amount of reported total income tax expense (benefit) and the amount computed by multiplying the income (loss) before tax by the applicable statutory Federal income tax rate if no individual reconciling item amounts to more than five percent of the amount computed by multiplying the income before tax by the applicable statutory Federal income tax rate, and the total difference to be reconciled is less than five percent of such computed amount, no reconciliation need be provided unless it would be significant in appraising the trend of earnings. Reconciling items that are individually less than five percent of the computed amount may be aggregated in the reconciliation. Where the reporting person is a foreign entity, the income tax rate in that person's country of domicile should normally be used in making the above computation, but different rates should not be used for subsidiaries or other segments of a reporting entity. When the rate used by a reporting person is other than the United States Federal corporate income tax rate, the rate used and the basis for using such rate shall be disclosed. - - (4) Price at which warrant or right is exercisable. - (i)-(j) \[Reserved\] - (k) Related party transactions that affect the financial statements. - (1) Amounts of related party transactions should be stated on the face of the balance sheet, statement of comprehensive income, or statement of cash flows. - (2) In cases where separate financial statements are presented for the registrant, certain investees, or subsidiaries, any intercompany profits or losses resulting from transactions with related parties and the effects thereof shall be disclosed. - (l) \[Reserved\] - (m) Repurchase and reverse repurchase agreements. - (1) Repurchase agreements (assets sold under agreements to repurchase). - (i) If, as of the most recent balance sheet date, the carrying amount (or market value, if higher than the carrying amount or if there is no carrying amount) of the securities or other assets sold under agreements to repurchase (repurchase agreements) exceeds 10% of total assets, disclose separately in the balance sheet the aggregate amount of liabilities incurred pursuant to repurchase agreements including accrued interest payable thereon. - (ii)(A) If, as of the most recent balance sheet date, the carrying amount (or market value, if higher than the carrying amount) of securities or other assets sold under repurchase agreements, other than securities or assets specified in paragraph (m)(1)(ii)(B) of this section, exceeds 10% of total assets, disclose in an appropriately captioned footnote containing a tabular presentation, segregated as to type of such securities or assets sold under agreements to repurchase (e. g., U.S. Treasury obligations, U.S. Government agency obligations and loans), the following information as of the balance sheet date for each such agreement or group of agreements (other than agreements involving securities or assets specified in paragraph (m)(1)(ii)(B) of this section) maturing (1) overnight; (2) term up to 30 days; (3) term of 30 to 90 days; (4) term over 90 days and (5) demand: - (i) The carrying amount and market value of the assets sold under agreement to repurchase, including accrued interest plus any cash or other assets on deposit under the repurchase agreements; and - (ii) The repurchase liability associated with such transaction or group of transactions and the interest rate(s) thereon. - (B) For purposes of paragraph (m)(1)(ii)(A) of this section only, do not include securities or other assets for which unrealized changes in market value are reported in current income or which have been obtained under reverse repurchase agreements. - (iii) If, as of the most recent balance sheet date, the amount at risk under repurchase agreements with any individual counterparty or group of related counterparties exceeds 10% of stockholders' equity (or in the case of investment companies, net asset value), disclose the name of each such counterparty or group of related counterparties, the amount at risk with each, and the weighted average maturity of the repurchase agreements with each. The amount at risk under repurchase agreements is defined as the excess of carrying amount (or market value, if higher than the carrying amount or if there is no carrying amount) of the securities or other assets sold under agreement to repurchase, including accrued interest plus any cash or other assets on deposit to secure the repurchase obligation, over the amount of the repurchase liability (adjusted for accrued interest). (Cash deposits in connection with repurchase agreements shall not be reported as unrestricted cash pursuant to rule 5-02.1.) - (2) Reverse repurchase agreements (assets purchased under agreements to resell). - (i) If, as of the most recent balance sheet date, the aggregate carrying amount of "reverse repurchase agreements" (securities or other assets purchased under agreements to resell) exceeds 10% of total assets: - (A) Disclose separately such amount in the balance sheet; and - (B) Disclose in an appropriately captioned footnote: - (1) The registrant's policy with regard to taking possession of securities or other assets purchased under agreements to resell; and - (2) Whether or not there are any provisions to ensure that the market value of the underlying assets remains sufficient to protect the registrant in the event of default by the counterparty and if so, the nature of those provisions. - (ii) If, as of the most recent balance sheet date, the amount at risk under reverse repurchase agreements with any individual counterparty or group of related counterparties exceeds 10% of stockholders' equity (or in the case of investment companies, net asset value), disclose the name of each such counterparty or group of related counterparties, the amount at risk with each, and the weighted average maturity of the reverse repurchase agreements with each. The amount at risk under reverse repurchase agreements is defined as the excess of the carrying amount of the reverse repurchase agreements over the market value of assets delivered pursuant to the agreements by the counterparty to the registrant (or to a third party agent that has affirmatively agreed to act on behalf of the registrant) and not returned to the counterparty, except in exchange for their approximate market value in a separate transaction. - (n) Accounting policies for certain derivative instruments. Disclosures regarding accounting policies shall include to the extent material where in the statement of cash flows derivative financial instruments, and their related gains and losses, as defined by U.S. generally accepted accounting principles are reported. - \[45 FR 63669, Sept. 25, 1980, as amended at 46 FR 56179, Nov. 16, 1981; 50 FR 25215, June 18, 1985; 50 FR 49532, Dec. 3, 1985; 51 FR 3770, Jan. 30, 1986; 57 FR 45293, Oct. 1, 1992; 59 FR 65636, Dec. 20, 1994; 62 FR 6063, Feb. 10, 1997; 74 FR 18615, Apr. 23, 2009; 76 FR 50119, Aug. 12, 2011; 83 FR 50200, Oct. 4, 2018\] ##### [235-10-S99-2](https://asc.understandingaccounting.org/asc/235/10/#235-10-S99-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:35.922Z to 2026-09-09T23:14:35.922Z Record version: sha256:ce2b60ca8278e27661ab8c6b4bdc7264697160b1d4e1d78d4ca0915fc6fc1b62 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of Regulation S-X Rule 12-01, Application of §§210.12-01 to 210.12-29 (17 CFR 210.12-01). - These sections prescribe the form and content of the schedules required by §§ 210.5-04, 210.6-10, 210.6A-05, and 210.7-05. - \[59 FR 65637, Dec. 20, 1994\] ##### [235-10-S99-3](https://asc.understandingaccounting.org/asc/235/10/#235-10-S99-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:35.922Z to 2026-09-09T23:14:35.922Z Record version: sha256:d6abba06e74c8d0dcbaa467c5c2f31ecb478debc03e9726bde1e8aae5b81b405 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of Regulation S-X Rule 12-04, Condensed Financial Information of Registrant (17 CFR 210.12-04). - (a) Provide condensed financial information as to financial position, cash flows and results of operations of the registrant as of the same dates and for the same periods for which audited consolidated financial statements are required. The financial information required need not be presented in greater detail than is required for condensed statements by § 210.10-01(a)(2), (3) and (4). Detailed footnote disclosure which would normally be included with complete financial statements may be omitted with the exception of disclosures regarding material contingencies, long-term obligations and guarantees. Descriptions of significant provisions of the registrant's long-term obligations, mandatory dividend or redemption requirements of redeemable stocks, and guarantees of the registrant shall be provided along with a five-year schedule of maturities of debt. If the material contingencies, long-term obligations, redeemable stock requirements and guarantees of the registrant have been separately disclosed in the consolidated statements, they need not be repeated in this schedule. - (b) Disclose separately the amounts of cash dividends paid to the registrant for each of the last three fiscal years by consolidated subsidiaries, unconsolidated subsidiaries and 50 percent or less owned persons accounted for by the equity method, respectively. \[46 FR 56180, Nov. 16, 1981, as amended at 57 FR 45293, Oct. 1, 1992\] ##### [235-10-S99-4](https://asc.understandingaccounting.org/asc/235/10/#235-10-S99-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:35.922Z to 2026-09-09T23:14:35.922Z Record version: sha256:5db7fef3e75d51a11441e8f916d6d6c2548d17eaa3aa41f9e346ce009ed093f0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of Regulation S-X Rule 12-09, Valuation and Qualifying Accounts (17 CFR 210.12-09). - ![](https://asc.understandingaccounting.org/asc-img/GUID-CFA46380-A044-422B-8088-30F0263E9348-low.gif) Reg. § 210.12-09 Valuation and Qualifying Accounts Column A Column B Column C-Additions Column D Column E Description1 Balance at beginning of period " (1) Charged to costs and expenses" " (2) Charged to other accounts— describe" Deductions— describe "Balance at end of period" 1 "List, by major classes, all valuation and qualifying accounts and reserves not included in specific schedules. Identify each class of valuation and qualifying accounts and reserves by descriptive title. Group (a) those valuation and qualifying accounts which are deducted in the balance sheet from the assets to which they apply and (b) those reserves which support the balance sheet caption, Reserves.Valuation and qualifying accounts and reserves as to which the additions, deductions, and balances were not individually significant may be grouped in one total and in such case the information called for under columns C and D need not be given." \[37 FR 14602, July 21, 1972. Redesignated and amended at 45 FR 63679, Sept. 25, 1980\] #### SEC Staff Guidance ##### [235-10-S99-5](https://asc.understandingaccounting.org/asc/235/10/#235-10-S99-5) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:35.922Z to 2026-09-09T23:14:35.922Z Record version: sha256:c6f6b2424e686665d2978507e76082adedb7f1118d7f96714834677f479f4398 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of SAB Topic 1.D.1, Disclosures Required of Companies Complying with Item 17 of Form 20-F. - Facts: A foreign private issuer may use Form 20-F as a registration statement under section 12 or as an annual report under section 13(a) or 15(d) of the Exchange Act. The registrant must furnish the financial statements specified in Item 17 of that form (Effective for fiscal years ending on or after December 15, 2011, compliance with Item 18 rather than Item 17 will be required for all issuer financial statements in all Securities Act registration statements, Exchange Act registration statements on Form 20-F, and annual reports on Form 20-F. See SEC Release No. 33-8959). However, in certain circumstances, Form F-3 requires that the annual report include financial statements complying with Item 18 of the form. Also, financial statements complying with Item 18 are required for registration of securities under the Securities Act in most circumstances. Item 17 permits the registrant to use its financial statements that are prepared on a comprehensive basis other than U.S. GAAP, but requires quantification of the material differences in the principles, practices and methods of accounting for any basis other than International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). An issuer complying with Item 18, other than those using IFRS as issued by the IASB, must satisfy the requirements of Item 17 and also must provide all other information required by U.S. GAAP and Regulation S-X. - Question: Assuming that the registrant's financial statements include a discussion of material variances from U.S. GAAP along with quantitative reconciliations of net income and material balance sheet items, does Item 17 of Form 20-F require other disclosures in addition to those prescribed by the standards and practices which comprise the comprehensive basis on which the registrant's primary financial statements are prepared? - Interpretive Response: No. The distinction between Items 17 and 18 is premised on a classification of the requirements of U.S. GAAP and Regulation S-X into those that specify the methods of measuring the amounts shown on the face of the financial statements and those prescribing disclosures that explain, modify or supplement the accounting measurements. Disclosures required by U.S. GAAP but not required under the foreign GAAP on which the financial statements are prepared need not be furnished pursuant to Item 17. - Notwithstanding the absence of a requirement for certain disclosures within the body of the financial statements, some matters routinely disclosed pursuant to U.S. GAAP may rise to a level of materiality such that their disclosure is required by Item 5 (Management's Discussion and Analysis) of Form 20-F. Among other things, this item calls for a discussion of any known trends, demands, commitments, events or uncertainties that are reasonably likely to affect liquidity, capital resources or the results of operations in a material way. Also, instruction 2 of this item requires "a discussion of any aspects of the differences between foreign and U.S. GAAP, not discussed in the reconciliation, that the registrant believes is necessary for an understanding of the financial statements as a whole." Matters that may warrant discussion in response to Item 5 include the following: - material undisclosed uncertainties (such as reasonably possible loss contingencies), commitments (such as those arising from leases), and credit risk exposures and concentrations; - material unrecognized obligations (such as pension obligations); - material changes in estimates and accounting methods, and other factors or events affecting comparability; - defaults on debt and material restrictions on dividends or other legal constraints on the registrant's use of its assets; - material changes in the relative amounts of constituent elements comprising line items presented on the face of the financial statements; - significant terms of financings which would reveal material cash requirements or constraints; - material subsequent events, such as events that affect the recoverability of recorded assets; - material related party transactions (as addressed by FASB ASC Topic 850, Related Party Disclosures) that may affect the terms under which material revenues or expenses are recorded; and - significant accounting policies and measurement assumptions not disclosed in the financial statements, including methods of costing inventory, recognizing revenues, and recording and amortizing assets, which may bear upon an understanding of operating trends or financial condition. Source downloaded (UTC): 2026-09-09T23:14:39.794Z to 2026-09-09T23:14:49.098Z Record version: sha256:3f48b653b335ae5d52a08e90c7653abfe0e68424efc4de0d42f7301c29618d29 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-910: Notes to Financial Statements — Contractors—Construction ### Machine-generated study aids ```json { "summary": "ASC 235-910 was the construction-contractor industry supplement to ASC 235 on notes to financial statements, which required disclosure of the accounting policies used for construction-type contracts. Every paragraph in the subtopic (05-1, 15-1, 50-1 and 50-2) was superseded by Maintenance Update No. 2019-01, so the subtopic now contains no operative guidance. Contractors instead look to the general accounting policy disclosure requirements of ASC 235-10 and to the revenue disclosures in ASC 606.", "key_points": [ "All content of ASC 235-910 — paragraphs 235-910-05-1, 235-910-15-1, 235-910-50-1 and 235-910-50-2 — was superseded by Maintenance Update No. 2019-01, leaving no effective requirements in this subtopic.", "Because the industry-specific overlay is gone, construction contractors apply the general summary-of-significant-accounting-policies requirements in ASC 235-10-50.", "Disclosure of revenue recognition policies and contract balances for construction-type contracts is now governed by ASC 606, principally 606-10-50, rather than by 235-910.", "The supersession is a housekeeping/codification-cleanup change tied to the shift from ASC 605-35 legacy contract accounting to ASC 606; it does not by itself eliminate the substantive obligation to disclose policies.", "Citations to 235-910 in older literature, textbooks or audit programs should be updated, as the subtopic is retained in the Codification only as a shell of superseded paragraphs." ], "categories": [ "Disclosure", "Presentation", "Industry-specific", "Transition and effective dates" ], "audience_level": "introductory", "student_note": "This subtopic is a dead end: nothing in it is operative, so the exam-relevant point is knowing where the guidance moved (ASC 235-10 for policy disclosures, ASC 606 for contract revenue disclosures). The common mistake is citing 235-910 as if it still imposed special contractor disclosure requirements.", "related_topics": [ "235-10", "606-10", "605-35", "910-10", "910-235" ], "key_concepts": [ "superseded guidance", "notes to financial statements", "summary of significant accounting policies", "construction-type contracts", "industry-specific disclosure", "accounting policy disclosure" ] } ``` Source downloaded (UTC): 2026-09-09T23:14:39.794Z to 2026-09-09T23:14:39.794Z Record version: sha256:ca648f1bdf1a97e82e6d7e712cf6e5419edaa9e921c3753a6f113fd69327647b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-910-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/235/910/#00-status) SEC content: no ##### [235-910-00-1](https://asc.understandingaccounting.org/asc/235/910/#235-910-00-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:39.794Z to 2026-09-09T23:14:39.794Z Record version: sha256:5eb43ef984d3e3848c8d8e833e13c0103f58fd8ef0b66d868104682332ba8e72 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
910-235-05-1SupersededMaintenance Update No. 2019-01 (PDF)01/08/2019
910-235-15-1SupersededMaintenance Update No. 2019-01 (PDF)01/08/2019
910-235-50-1SupersededMaintenance Update No. 2019-01 (PDF)01/08/2019
910-235-50-2SupersededMaintenance Update No. 2019-01 (PDF)01/08/2019
Source downloaded (UTC): 2026-09-09T23:14:43.097Z to 2026-09-09T23:14:43.097Z Record version: sha256:4e85f8c2a118d6d8074f1f9e02f90d99afc6f0e79afc5a54df81ddbcbf9c2f78 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-910-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/235/910/#05-overview-and-background) SEC content: no ##### [235-910-05-1](https://asc.understandingaccounting.org/asc/235/910/#235-910-05-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:43.097Z to 2026-09-09T23:14:43.097Z Record version: sha256:725e086356fb0def288f49033496bc8fb118f6ddcde0fefde3f70c2f3ca56b4d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Maintenance Update No. 2019-01.](https://asc.understandingaccounting.org/updates/maintenance-updates-2019/) Source downloaded (UTC): 2026-09-09T23:14:45.811Z to 2026-09-09T23:14:45.811Z Record version: sha256:f84c969cc4a57306b74a2f590e8fba4df73fc31ab0a538f63357ba3f19a2d663 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-910-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/235/910/#15-scope-and-scope-exceptions) SEC content: no ##### [235-910-15-1](https://asc.understandingaccounting.org/asc/235/910/#235-910-15-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:45.811Z to 2026-09-09T23:14:45.811Z Record version: sha256:a07e48c0799967cf844d8ddddd504b1144a550629da26e702d8377064a10143e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Maintenance Update No. 2019-01.](https://asc.understandingaccounting.org/updates/maintenance-updates-2019/) Source downloaded (UTC): 2026-09-09T23:14:49.098Z to 2026-09-09T23:14:49.098Z Record version: sha256:f716fdf30a5336b637ffa3b1d7ccc506c63bbaef6de60b3de3faa0df37fa6e12 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-910-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/235/910/#50-disclosure) SEC content: no ##### [235-910-50-1](https://asc.understandingaccounting.org/asc/235/910/#235-910-50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:49.098Z to 2026-09-09T23:14:49.098Z Record version: sha256:b98eec3ad3428a9384ddec6934e073c1c0935d76a7d8a955cfcc4e720b106d4e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Maintenance Update No. 2019-01.](https://asc.understandingaccounting.org/updates/maintenance-updates-2019/) ##### [235-910-50-2](https://asc.understandingaccounting.org/asc/235/910/#235-910-50-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:49.098Z to 2026-09-09T23:14:49.098Z Record version: sha256:a4363f156ecabd807d9a0785257036611071dc4fbc9d0007d42e8b16a6455408 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Maintenance Update No. 2019-01.](https://asc.understandingaccounting.org/updates/maintenance-updates-2019/) Source downloaded (UTC): 2026-09-09T23:14:51.524Z to 2026-09-09T23:15:01.347Z Record version: sha256:31dc82e5f4bf255ce37afabd495fe4c77623058c1f0a758928ecb4800a9dcd19 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-912: Notes to Financial Statements — Contractors—Federal Government ### Machine-generated study aids ```json { "summary": "ASC 235-912 formerly provided accounting-policy disclosure guidance in the notes to financial statements for entities contracting with the federal government. All of its content (paragraphs 235-912-05-1, 15-1 and 50-1) was superseded by ASU 2014-09, the revenue recognition standard, so the subtopic now carries no operative guidance.", "key_points": [ "Every paragraph in this subtopic — 235-912-05-1 (overview), 235-912-15-1 (scope), and 235-912-50-1 (disclosure) — was superseded by Accounting Standards Update No. 2014-09.", "Because the subtopic is fully superseded, it imposes no current recognition, measurement, or disclosure requirements on federal government contractors.", "Disclosure of significant accounting policies for federal government contractors is now addressed through the general policy-disclosure guidance in ASC 235-10 and the revenue disclosure requirements of ASC 606-10-50.", "Industry-specific guidance for contractors with the federal government that survives ASU 2014-09 resides in ASC 912 and, for contract costs, ASC 340-40." ], "categories": [ "Disclosure", "Presentation", "Revenue", "Transition and effective dates" ], "audience_level": "intermediate", "student_note": "This subtopic is a shell: knowing that ASU 2014-09 wiped out most legacy industry revenue and related policy-disclosure guidance is the real takeaway. The common mistake is citing pre-2014 government-contractor disclosure rules that no longer exist \\u2014 look instead to ASC 606 and ASC 235-10.", "related_topics": [ "235-10", "606-10", "340-40", "912", "912-235" ], "key_concepts": [ "superseded guidance", "summary of significant accounting policies", "federal government contractors", "revenue recognition transition", "industry-specific guidance", "notes to financial statements" ] } ``` Source downloaded (UTC): 2026-09-09T23:14:51.524Z to 2026-09-09T23:14:51.524Z Record version: sha256:e50de1830f88abcfb997ef64b51269e59d26c1893d6c3e54400b0adc654d39d1 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-912-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/235/912/#00-status) SEC content: no ##### [235-912-00-1](https://asc.understandingaccounting.org/asc/235/912/#235-912-00-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:51.524Z to 2026-09-09T23:14:51.524Z Record version: sha256:5bff228cdde1ffa7e4768d15a28b76124a1a8d444f624697b5991e6e6fceb763 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
912-235-05-1SupersededAccounting Standards Update No. 2014-0905/28/2014
912-235-15-1SupersededAccounting Standards Update No. 2014-0905/28/2014
912-235-50-1SupersededAccounting Standards Update No. 2014-0905/28/2014
Source downloaded (UTC): 2026-09-09T23:14:55.544Z to 2026-09-09T23:14:55.544Z Record version: sha256:aa69882d0c940fd1b458ca3f699d095ec7b3b7b2f1a781e031667fc12dade92c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-912-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/235/912/#05-overview-and-background) SEC content: no ##### [235-912-05-1](https://asc.understandingaccounting.org/asc/235/912/#235-912-05-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:55.544Z to 2026-09-09T23:14:55.544Z Record version: sha256:5c646a5d95ef1d3d5d28479e0fd4bb504db48de2fdc0b2752b5af56755e6267e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). Source downloaded (UTC): 2026-09-09T23:14:59.509Z to 2026-09-09T23:14:59.509Z Record version: sha256:a6d73cd2a86505310300a9b5c6b398ca1918e3f654368603cfe1c224d0bbb170 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-912-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/235/912/#15-scope-and-scope-exceptions) SEC content: no ##### [235-912-15-1](https://asc.understandingaccounting.org/asc/235/912/#235-912-15-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:14:59.509Z to 2026-09-09T23:14:59.509Z Record version: sha256:de917bbf3d0e7e7c0ad02621b65ceb1412676fe4c049468546118794e9109b63 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). Source downloaded (UTC): 2026-09-09T23:15:01.347Z to 2026-09-09T23:15:01.347Z Record version: sha256:83e75befe7e0b0f3a3fa2ceb412102c76d61d3a4de15e57d25a8d1c8dd13a541 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-912-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/235/912/#50-disclosure) SEC content: no ##### [235-912-50-1](https://asc.understandingaccounting.org/asc/235/912/#235-912-50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:01.347Z to 2026-09-09T23:15:01.347Z Record version: sha256:70dbeac4ba48da5702f91f7ccdafc4e998b3ac7c9b3820846c1e08a4ee71f90e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). Source downloaded (UTC): 2026-09-09T23:15:05.293Z to 2026-09-09T23:15:17.796Z Record version: sha256:6d4ad8168be1885115d8ed8799c01ef1e32057835ae160a57742e82962fcee89 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-915: Notes to Financial Statements — Development Stage Entities ### Machine-generated study aids ```json { "summary": "This subtopic formerly required development stage entities to disclose their accounting policies and their development stage status within the notes to the financial statements. Every paragraph in it (Sections 05, 15, and 50) was superseded by Accounting Standards Update No. 2014-10, which eliminated the development stage entity reporting concept from U.S. GAAP. As a result, there are no remaining requirements under ASC 235-915.", "key_points": [ "All content of this subtopic is superseded: 235-915-05-1, 235-915-15-1, 235-915-50-1, and 235-915-50-2 were each superseded by Accounting Standards Update No. 2014-10.", "Because the paragraphs are superseded, there is no incremental notes-to-financial-statements disclosure required of an entity merely because it is in a development stage.", "Entities formerly within this scope apply the general accounting policy disclosure requirements of ASC 235-10 like any other reporting entity.", "The superseding guidance (ASU 2014-10) removed the development stage entity concept from the Codification; readers should consult ASC 915 for the related transition and superseded-topic history." ], "categories": [ "Disclosure", "Presentation", "Transition and effective dates", "Financial statement presentation" ], "audience_level": "introductory", "student_note": "The takeaway is simply that development stage entity reporting no longer exists in U.S. GAAP after ASU 2014-10; the common mistake is citing this subtopic (or ASC 915) as live authority for inception-to-date and development-stage disclosures when start-up companies now follow the ordinary disclosure rules in ASC 235-10.", "related_topics": [ "235-10", "915", "915-10", "810-10", "275" ], "key_concepts": [ "development stage entity", "superseded guidance", "significant accounting policies disclosure", "notes to financial statements", "inception-to-date information" ] } ``` Source downloaded (UTC): 2026-09-09T23:15:05.293Z to 2026-09-09T23:15:05.293Z Record version: sha256:e37981a94253c86761919a68374b643a1ce961f615a07a75cefd9393faf78184 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-915-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/235/915/#00-status) SEC content: no ##### [235-915-00-1](https://asc.understandingaccounting.org/asc/235/915/#235-915-00-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:05.293Z to 2026-09-09T23:15:05.293Z Record version: sha256:4a65a834809a4ef80362b9d4684d871dc33348dc61f0d58d145885e32e6fe5ad Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
Development Stage EntitySupersededAccounting Standards Update No. 2014-1006/10/2014
915-235-05-1SupersededAccounting Standards Update No. 2014-1006/10/2014
915-235-15-1SupersededAccounting Standards Update No. 2014-1006/10/2014
915-235-50-1SupersededAccounting Standards Update No. 2014-1006/10/2014
915-235-50-2SupersededAccounting Standards Update No. 2014-1006/10/2014
Source downloaded (UTC): 2026-09-09T23:15:09.311Z to 2026-09-09T23:15:09.311Z Record version: sha256:a8b93c67223fc9cd75bba3c0438f9d235f302e89ee49c85d57fc2e2a36c9e41b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-915-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/235/915/#05-overview-and-background) SEC content: no ##### [235-915-05-1](https://asc.understandingaccounting.org/asc/235/915/#235-915-05-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:09.311Z to 2026-09-09T23:15:09.311Z Record version: sha256:443a2797dfa2594b286c1999928c6d1b953d1a6c622e8a145a3941cba6d1d285 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-10](https://asc.understandingaccounting.org/updates/asu-2014-10/). Source downloaded (UTC): 2026-09-09T23:15:12.686Z to 2026-09-09T23:15:12.686Z Record version: sha256:2b40e3bb46bcb54f125d0b116237bee4c3501a22742cb62d1121f9d293b08350 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-915-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/235/915/#15-scope-and-scope-exceptions) SEC content: no ##### [235-915-15-1](https://asc.understandingaccounting.org/asc/235/915/#235-915-15-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:12.686Z to 2026-09-09T23:15:12.686Z Record version: sha256:8284814ec0003ade2fedfd3f8e3364fd209467ccad760fe2660c9dbe2e0f9488 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-10](https://asc.understandingaccounting.org/updates/asu-2014-10/). Source downloaded (UTC): 2026-09-09T23:15:15.670Z to 2026-09-09T23:15:15.670Z Record version: sha256:bf80daccfc71ebb0d1c9b1bcb06f8014d57392beb32471eb856fa5712af96202 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-915-20: 20 Glossary [Read section](https://asc.understandingaccounting.org/asc/235/915/#20-glossary) SEC content: no Source downloaded (UTC): 2026-09-09T23:15:17.796Z to 2026-09-09T23:15:17.796Z Record version: sha256:e023c53d275b89c03a0dc14ccf33b0b00b5e6508390207557c6f5bea6bdbbc0f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-915-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/235/915/#50-disclosure) SEC content: no ##### [235-915-50-1](https://asc.understandingaccounting.org/asc/235/915/#235-915-50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:17.796Z to 2026-09-09T23:15:17.796Z Record version: sha256:64e738a75840429510ff56271a3232c0a512d31496e2c465acca554c3b63a7aa Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-10](https://asc.understandingaccounting.org/updates/asu-2014-10/). ##### [235-915-50-2](https://asc.understandingaccounting.org/asc/235/915/#235-915-50-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:17.796Z to 2026-09-09T23:15:17.796Z Record version: sha256:a1b572f20e62f7f7eabf83c49ec392b772bd8a3fe815da73392f989516b6af1c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-10](https://asc.understandingaccounting.org/updates/asu-2014-10/). Source downloaded (UTC): 2026-09-09T23:15:19.640Z to 2026-09-09T23:15:51.914Z Record version: sha256:f2088a724b6da0c178684c976aac71e8605cea1dd57d864c5b4e2fddd62022db Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-932: Notes to Financial Statements — Extractive Activities—Oil and Gas ### Machine-generated study aids ```json { "summary": "ASC 932-235 sets the note and supplemental disclosure requirements for entities with oil- and gas-producing activities. All such entities must disclose their cost accounting method (successful efforts vs. full cost), how capitalized costs are disposed of, and information about exploratory well costs still capitalized pending determination of proved reserves. Publicly traded companies with significant oil and gas activities must additionally provide, as supplementary information with annual statements, proved reserve quantities and changes, capitalized costs, costs incurred, results of operations, the standardized measure of discounted future net cash flows, and changes in that measure.", "key_points": [ "All entities engaged in oil- and gas-producing activities must disclose the method of accounting for costs incurred and the manner of disposing of capitalized costs (932-235-50-1).", "Continued capitalization of exploratory well costs is a required note disclosure (expressly not supplementary): amounts pending determination of proved reserves with a rollforward of additions, reclassifications to wells/equipment, and charges to expense; amounts capitalized more than one year after completion of drilling with an aging and project count; and a description of the projects and remaining activities needed to classify reserves as proved (932-235-50-1A through 50-1B).", "Publicly traded companies with significant oil- and gas-producing activities must disclose, as supplementary information with complete annual financial statements, the seven categories listed in 932-235-50-2.", "Net proved, proved developed, and proved undeveloped reserve quantities of oil, gas, synthetic oil/gas, and other nonrenewable resources must be disclosed at the beginning and end of year, with changes broken out by revisions of previous estimates, improved recovery, purchases of minerals in place, extensions and discoveries, production, and sales of minerals in place (932-235-50-4 through 50-5).", "Reserve, cost, results-of-operations, and standardized measure disclosures must be presented in the aggregate and separately by geographic area, at a minimum for each country containing 15 percent or more of proved reserves on an oil-equivalent-barrels basis (932-235-50-6 through 50-6B).", "Results of operations for oil- and gas-producing activities equal revenues less production (lifting) costs, exploration expenses, DD&A and valuation provisions, and income taxes at the statutory rate, excluding general corporate overhead and interest costs (932-235-50-23 through 50-26).", "The standardized measure applies prices used in estimating proved reserves to year-end quantities, subtracts future development and production costs at year-end costs and future income taxes at year-end statutory rates, and discounts at 10 percent per year; equity method investee amounts are generally disclosed separately from consolidated entities (932-235-50-31, 50-33)." ], "categories": [ "Disclosure", "Industry-specific", "Presentation" ], "audience_level": "advanced", "student_note": "This is the classic supplemental oil and gas disclosure package presented with E&P company financial statements; the standardized measure is a prescribed computation (reserve-estimation prices, year-end costs, 10% discount) and is not the fair value of the reserves. A common mistake is treating the exploratory well cost disclosures as supplementary—932-235-50-1A makes them required notes for all entities with oil and gas activities, not just public companies.", "related_topics": [ "932-10", "932-360", "932-720", "606-10", "360-10", "280-10" ], "key_concepts": [ "proved oil and gas reserves", "standardized measure of discounted future net cash flows", "exploratory well costs pending determination of proved reserves", "costs incurred for acquisition, exploration, and development", "results of operations for oil- and gas-producing activities", "successful efforts and full cost methods", "geographic area disclosure", "equity method investee disaggregation" ] } ``` Source downloaded (UTC): 2026-09-09T23:15:19.640Z to 2026-09-09T23:15:19.640Z Record version: sha256:3195cb9adb5788f63fe0acd2eba9ca01f21dbb957920e8273445563543dacf2b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-932-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/235/932/#00-status) SEC content: no ##### [235-932-00-1](https://asc.understandingaccounting.org/asc/235/932/#235-932-00-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:19.640Z to 2026-09-09T23:15:19.640Z Record version: sha256:bd305b177d30e9df24c158b05f8a172ed7cc6a2139d403531f88c79132449f46 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
ContractAddedAccounting Standards Update No. 2014-0905/28/2014
CustomerAddedAccounting Standards Update No. 2014-0905/28/2014
Exploratory WellAmendedAccounting Standards Update No. 2010-0301/06/2010
Oil- and Gas-Producing ActivitiesAddedAccounting Standards Update No. 2010-0301/06/2010
ProductionAmendedAccounting Standards Update No. 2010-0301/06/2010
PropertiesAmendedAccounting Standards Update No. 2010-0301/06/2010
Proved Developed Oil and Gas ReservesAmendedAccounting Standards Update No. 2010-0301/06/2010
Proved Oil and Gas ReservesAmendedAccounting Standards Update No. 2010-0301/06/2010
Proved Undeveloped Oil and Gas ReservesAmendedAccounting Standards Update No. 2010-0301/06/2010
Significant ActivitiesAmendedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-1AmendedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-1A through 50-1C
AddedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-2AmendedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-2AAddedAccounting Standards Update No. 2023-0610/09/2023
932-235-50-4AmendedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-6AmendedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-6AAddedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-6BAddedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-7 through 50-9
AmendedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-11AmendedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-11AAddedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-11BAddedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-15AmendedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-16SupersededAccounting Standards Update No. 2010-0301/06/2010
932-235-50-19AmendedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-20AmendedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-23AmendedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-24AmendedAccounting Standards Update No. 2014-0905/28/2014
932-235-50-27AmendedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-28AmendedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-30AmendedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-31AmendedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-33AmendedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-35AmendedAccounting Standards Update No. 2010-0301/06/2010
932-235-50-35AAddedAccounting Standards Update No. 2010-0301/06/2010
932-235-55-2 through 55-7
AmendedAccounting Standards Update No. 2010-0301/06/2010
Source downloaded (UTC): 2026-09-09T23:15:23.385Z to 2026-09-09T23:15:23.385Z Record version: sha256:32a4da1defe1f1332084cce09420f2003a0a41b57472978f0743e46a564c16f5 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-932-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/235/932/#05-overview-and-background) SEC content: no ##### [235-932-05-1](https://asc.understandingaccounting.org/asc/235/932/#235-932-05-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:23.385Z to 2026-09-09T23:15:23.385Z Record version: sha256:59f85d92076439e320464aa3ce7a88dc4921d6e9a70d5a771fc79d79030444c8 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic addresses supplemental disclosure requirements for oil and gas operations. Required disclosures include: 1. a [Proved oil and gas reserve](https://asc.understandingaccounting.org/glossary/p/#proved-oil-and-gas-reserves "Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulation before the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether the estimate is a deterministic estimate or probabilistic estimate. The project to extract the hydrocarbons must have commenced, or the operator must be reasonably certain that it will commence the project, within a reasonable time.The area of the reservoir considered as proved includes all of the following: The area identified by drilling and limited by fluid contacts, if any Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data. In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establish a lower contact with reasonable certainty.Where direct observation from well penetrations has defined a highest known oil elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.Reserves that can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when both of the following occur: Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based. The project has been approved for development by all necessary parties and entities, including governmental entities. Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period before the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.") quantities (see paragraphs [932-235-50-3 through 50-11B](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-3) ) 2. b Capitalized costs relating to oil- and gas-producing activities (see paragraphs [932-235-50-12 through 50-15](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-12) ) 3. c Continued capitalization of [exploratory well](https://asc.understandingaccounting.org/glossary/e/#exploratory-well "An exploratory well is a well drilled to find a new field or to find a new reservoir in a field previously found to be productive of oil or gas in another reservoir. Generally, an exploratory well is any well that is not a development well, a service well , or a stratigraphic test well.") costs (see paragraphs [932-235-50-1A through 50-1B](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-1A) ) 4. d Costs incurred for property acquisition, [exploration](https://asc.understandingaccounting.org/glossary/e/#exploration "Exploration involves both of the following: Identifying areas that may warrant examination Examining specific areas that are considered to have prospects of containing oil and gas reserves, including drilling exploratory wells and exploratory-type stratigraphic test wells."), and development (see paragraphs [932-235-50-17 through 50-20](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-17) ) 5. e Results of operations of oil- and gas-producing activities (see paragraphs [932-235-50-21 through 50-28](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-21) ) 6. f A standardized measure of discounted future net cash flows related to proved oil and gas reserve quantities (see paragraphs [932-235-50-29 through 50-33](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-29) ) Source downloaded (UTC): 2026-09-09T23:15:26.959Z to 2026-09-09T23:15:26.959Z Record version: sha256:72bd688760e0fce4c7dd5b9c2e3dbbdd5ac95d0a4c1b7ff1511cb6d3278bdb84 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-932-10: 10 Objectives [Read section](https://asc.understandingaccounting.org/asc/235/932/#10-objectives) SEC content: no ##### [235-932-10-1](https://asc.understandingaccounting.org/asc/235/932/#235-932-10-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:26.959Z to 2026-09-09T23:15:26.959Z Record version: sha256:c01d68c298a8b81ac7a8d89a6897d7acce53e3b6fcd036533c4fc85a35e70b99 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic prescribes disclosures related to an entity's oil- and gas-producing activities that are considered necessary for fair presentation of the entity's financial position, results of operations, and changes in financial position in conformity with generally accepted accounting principles (GAAP). Those disclosures are only part of the information that may be needed for investment, regulatory, or national economic planning and energy policy decisions. Source downloaded (UTC): 2026-09-09T23:15:29.409Z to 2026-09-09T23:15:29.409Z Record version: sha256:2f4d06aec9ea747a24a7c99a68d8d7466f66a923521dd6f5ba3f80f988d38159 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-932-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/235/932/#15-scope-and-scope-exceptions) SEC content: no #### Overall Guidance ##### [235-932-15-1](https://asc.understandingaccounting.org/asc/235/932/#235-932-15-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:29.409Z to 2026-09-09T23:15:29.409Z Record version: sha256:ca3f743f6adac30638283977f713b1a9f7502cd3b4ecdd2d460a6e23937f7b7a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 932-10-15. Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:83b65cd4ca1deefa2208f51c1853120def71c05febf37e9b83ac4c10ed81aee9 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-932-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/235/932/#50-disclosure) SEC content: no #### All Entities ##### [235-932-50-1](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:f6d9616a9544ae5adee269c6542319faca531cd21975c8bff841c0f23c2e1441 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. All entities engaged in [oil- and gas-producing activities](https://asc.understandingaccounting.org/glossary/o/#oil-and-gas-producing-activities "Paragraph 932-10-15-2A defines the term oil- and gas-producing activities.") shall disclose in their financial statements the method of accounting for costs incurred in those activities and the manner of disposing of capitalized costs relating to those activities. ##### [235-932-50-1A](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-1A) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:30f1c42da1ef100b6fd123997811e23b0d0359d8a44424f24dca1d69f03abbc9 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. An entity that has oil- and gas-producing activities also shall disclose, with complete sets of annual financial statements, information about continued capitalization of [exploratory well](https://asc.understandingaccounting.org/glossary/e/#exploratory-well "An exploratory well is a well drilled to find a new field or to find a new reservoir in a field previously found to be productive of oil or gas in another reservoir. Generally, an exploratory well is any well that is not a development well, a service well , or a stratigraphic test well.") costs (see the following paragraph). That disclosure is not considered to be supplementary information. ##### [235-932-50-1B](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-1B) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:80c417254409dcdda119c601896d0f81a02fa902d882d978c50b5900d06c574a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. An entity shall make the following disclosures in the notes to the annual financial statements to provide information for users of financial statements about management's application of judgment in its evaluation of a project's capitalized exploratory well costs. These disclosures are not required routinely in interim financial statements; however, interim financial statements shall include information about significant changes from the information presented in the most recent annual financial statements. Any impairment of capitalized exploratory well costs that were capitalized for a period of greater than one year after the completion of drilling at the most recent annual balance sheet date shall be considered significant for purposes of determining whether the change shall be disclosed in interim financial statements. All of the following disclosures are required: 1. a The amount of capitalized exploratory well costs that is pending the determination of proved reserves. An entity also shall separately disclose for each annual period that an income statement is presented changes in those capitalized exploratory well costs resulting from all of the following: 1. 1 Additions to capitalized exploratory well costs that are pending the determination of proved reserves 2. 2 Capitalized exploratory well costs that were reclassified to wells, equipment, and facilities based on the determination of proved reserves 3. 3 Capitalized exploratory well costs that were charged to expense. This disclosure shall not include amounts that were capitalized and subsequently expensed in the same annual period. 2. b The amount of exploratory well costs that have been capitalized for a period of greater than one year after the completion of drilling at the most recent balance sheet date and the number of projects for which those costs relate. Additionally, for exploratory well costs that have been capitalized for periods greater than one year at the most recent balance sheet date, an entity shall provide an aging of those amounts by year, or by using a range of years, and the number of projects to which those costs relate. 3. c For exploratory well costs that continue to be capitalized for more than one year after the completion of drilling at the most recent balance sheet date, a description of the projects and the activities that the entity has undertaken to date in order to evaluate the reserves and the projects, and the remaining activities required to classify the associated reserves as proved. #### Publicly Traded Companies ##### [235-932-50-1C](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-1C) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:ebcaa927ccaeba787ab7ad7cd949d298ca42dc887066fefc0be88a72fa9001e6 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. An entity is not required to make the disaggregated disclosures about its equity method investments required by paragraphs [932-235-50-2 through 50-36](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-2) if both of the following conditions are met: 1. a The entity's equity method investments were acquired before December 31, 2009. 2. b After making an exhaustive effort, the entity is unable to obtain the information necessary to provide the required disclosures. If the preceding conditions are met, the entity shall continue to provide the disclosures required by those paragraphs in the aggregate and it shall disclose why it was not able to obtain the disaggregated information. This paragraph applies only as long as the entity continues to be unable to obtain the necessary information. ##### [235-932-50-2](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:a6ff825d14a670748b5ad114e49378469a37f2b0dfe85022f1bbcbf4c1d48f6f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Publicly traded companies](https://asc.understandingaccounting.org/glossary/p/#publicly-traded-company "A business entity that has any of the following characteristics: Whose securities are traded in a public market on a domestic stock exchange or in the domestic over-the-counter market (including securities quoted only locally or regionally) That is a conduit bond obligor for conduit debt securities that are traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local or regional markets) Whose financial statements are filed with a regulatory agency in preparation for the sale of any class of securities in a domestic market.") that have [significant oil- and gas-producing activities](https://asc.understandingaccounting.org/glossary/s/#significant-oil-and-gas-producing-activities "An entity is regarded as having significant oil- and gas-producing activities if it satisfies any of the following criteria. The criteria shall be applied separately for each year for which a complete set of annual financial statements is presented. Revenues from oil- and gas-producing activities, as defined in paragraph 932-235-50-24 (including both sales to unaffiliated customers and sales or transfers to the entity's other operations), are 10 percent or more of the combined revenues (sales to unaffiliated customers and sales or transfers to the entity's other operations) of all of the entity's industry segments. An industry segment is a component of an entity engaged in providing a product or service or a group of related products or services primarily to external customers (that is, customers outside the entity) for a profit. Results of operations for oil- and gas-producing activities, including equity earnings or losses from oil- and gas- producing activities of equity method investees and excluding the effect of income taxes, are 10 percent or more of the greater of the following: The combined operating profit (including equity earnings) of all industry segments that did not incur an operating loss The combined operating loss (including equity losses) of all industry segments that did incur an operating loss. The identifiable assets of oil- and gas-producing activities (tangible and intangible entity assets that are used by oil- and gas-producing activities, including an allocated portion of assets used jointly with other operations and the investment balance in the oil- and gas-producing activities of equity method investees) are 10 percent or more of the assets of the entity, excluding assets used exclusively for general corporate purposes.") shall disclose with complete sets of annual financial statements the information required by the remainder of this Section. Those disclosures relate to the following and are considered to be supplementary information: 1. a [Proved oil and gas reserve](https://asc.understandingaccounting.org/glossary/p/#proved-oil-and-gas-reserves "Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulation before the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether the estimate is a deterministic estimate or probabilistic estimate. The project to extract the hydrocarbons must have commenced, or the operator must be reasonably certain that it will commence the project, within a reasonable time.The area of the reservoir considered as proved includes all of the following: The area identified by drilling and limited by fluid contacts, if any Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data. In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establish a lower contact with reasonable certainty.Where direct observation from well penetrations has defined a highest known oil elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.Reserves that can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when both of the following occur: Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based. The project has been approved for development by all necessary parties and entities, including governmental entities. Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period before the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.") quantities (see paragraphs [932-235-50-3 through 50-11B](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-3)) 2. b Capitalized costs relating to oil- and gas-producing activities (see paragraphs [932-235-50-12 through 50-15](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-12) ) 3. c [Subparagraph superseded by Accounting Standards Update No. 2010-03](https://asc.understandingaccounting.org/updates/asu-2010-03/). 4. d Costs incurred for property acquisition, [exploration](https://asc.understandingaccounting.org/glossary/e/#exploration "Exploration involves both of the following: Identifying areas that may warrant examination Examining specific areas that are considered to have prospects of containing oil and gas reserves, including drilling exploratory wells and exploratory-type stratigraphic test wells."), and development activities (see paragraphs [932-235-50-17 through 50-20](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-17) ) 5. e Results of operations for oil- and gas-producing activities (see paragraphs [932-235-50-21 through 50-28](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-21) ) 6. f A standardized measure of discounted future net cash flows relating to proved oil and gas reserve quantities (see paragraphs [932-235-50-29 through 50-33](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-29) ) 7. g Changes in the standardized measure of discounted future net cash flows (see paragraphs [932-235-50-34 through 50-36](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-34) ). ##### [235-932-50-2A](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-2A) Pending content: yes Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:45fc470c4691ff4a7a1c432113bbc1272d51822c18bbb1aec92089e8c011c49f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Transition date:(P) June 30, 2027; (N) June 30, 2027Transition guidance: [105-10-65-7](https://asc.understandingaccounting.org/asc/105/10/#105-10-65-7) For disclosure requirements in paragraphs [932-235-50-3 through 50-36](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-3), an entity shall disclose all of the following: 1. a Information that relates to annual periods for each annual period for which a statement of comprehensive income is required 2. b Information required as of the end of an annual period for which a balance sheet is required 3. c Information required as of the beginning of an annual period for each annual period for which a statement of comprehensive income is required. ##### [235-932-50-3](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:ccf3daff8450edf5beb3905d3c19c1b89dd88628022bae8c5b70d800207cef38 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See Example 1 (paragraph [932-235-55-2](https://asc.understandingaccounting.org/asc/235/932/#235-932-55-2)) for an illustration of these requirements. ##### [235-932-50-4](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:9967897f6c286be0e451b37cd35b160eee8aad33f7ab455c4b03923538d628b2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Net quantities of an entity's interests in proved oil and gas reserves, [proved developed oil and gas reserves](https://asc.understandingaccounting.org/glossary/p/#proved-developed-oil-and-gas-reserves "Proved developed oil and gas reserves are proved reserves that can be expected to be recovered: Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared with the cost of a new well Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well."), and [proved undeveloped oil and gas reserves](https://asc.understandingaccounting.org/glossary/p/#proved-undeveloped-oil-and-gas-reserves "Proved undeveloped oil and gas reserves are proved reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion. Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances. Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances, justify a longer time. Under no circumstances shall estimates for proved undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, or by other evidence using reliable technology establishing reasonable certainty.") of each of the following shall be disclosed as of the beginning and the end of the year: 1. a Crude oil, including condensate and natural gas liquids (If significant, the reserve quantity information shall be disclosed separately for natural gas liquids.) 2. b Natural gas 3. c Synthetic oil 4. d Synthetic gas 5. e Other nonrenewable natural resources that are intended to be upgraded into synthetic oil and gas. Net quantities of reserves include those relating to the entity's operating and nonoperating interests in [properties](https://asc.understandingaccounting.org/glossary/p/#properties "Mineral interests in properties (hereinafter referred to as properties), which include all of the following: Fee ownership or a lease Concession Other interest representing the legal right to produce or a revenue interest in the production of oil or gas subject to such terms as may be imposed by the conveyance of that interest. Properties also include: Royalty interests Production payments payable in oil or gas Other nonoperating interests in properties operated by others. Properties include those agreements with foreign governments or authorities under which an entity participates in the operation of the related properties or otherwise serves as producer of the underlying reserves (see paragraph 932-235-50-7); but properties do not include other supply agreements or contracts that represent the right to purchase (as opposed to extract) oil and gas. Properties are classified as proved properties or unproved properties."). Quantities of reserves relating to royalty interests owned shall be included in net quantities if the necessary information is available to the entity; if reserves relating to royalty interests owned are not included because the information is unavailable, that fact and the entity's share of oil and gas produced for those royalty interests shall be disclosed for the year. Net quantities shall not include reserves relating to interests of others in properties owned by the entity. ##### [235-932-50-5](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-5) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:a80bb4a9ece81fccb538ff1265631c2979cdd060a761d81c37df9a3a8ba810d6 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Changes in the net quantities of an entity's proved reserves of oil and of gas during the year shall be disclosed. Changes resulting from all of the following shall be shown separately with appropriate explanation of significant changes: 1. a Revisions of previous estimates. Revisions represent changes in previous estimates of proved reserves, either upward or downward, resulting from new information (except for an increase in proved acreage) normally obtained from development drilling and [production](https://asc.understandingaccounting.org/glossary/p/#production "Production involves lifting the crude oil and natural gas to the surface, extracting saleable hydrocarbons, in the solid, liquid, or gaseous state from oil sands, shale, coalbeds, or other nonrenewable natural resources that are intended to be upgraded into synthetic oil or gas, gathering, treating, field processing (as in the case of processing gas to extract liquid hydrocarbons), and field storage. The oil and gas production function shall be regarded as ending at a terminal point, which is the outlet valve on the lease or field storage tank. If unusual physical or operational circumstances exist, it may be appropriate to regard the terminal point for the production function as: The first point at which oil, gas, or gas liquids, natural or synthetic, are delivered to a main pipeline, a common carrier, a refinery, or a marine terminal In the case of natural resources that are intended to be upgraded into synthetic oil or gas, if those natural resources are delivered to a purchaser before upgrading, the first point at which the natural resources are delivered to a main pipeline, a common carrier, a refinery, a marine terminal, or a facility that upgrades such natural resources into synthetic oil or gas.") history or resulting from a change in economic factors. 2. b Improved recovery. Changes in reserve estimates resulting from application of improved recovery techniques shall be shown separately, if significant. If not significant, such changes shall be included in revisions of previous estimates. 3. c Purchases of minerals in place. 4. d Extensions and discoveries. Additions to proved reserves that result from either of the following: 1. 1 Extension of the proved acreage of previously discovered (old) reservoirs through additional drilling in periods subsequent to discovery 2. 2 Discovery of new fields with proved reserves or of new reservoirs of proved reserves in old fields. 5. e Production. 6. f Sales of minerals in place. ##### [235-932-50-6](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-6) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:47135deb79bc1c44af6cfccc86fa1ad093e8a76ad49c21099bda76ebf523edcb Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The disclosures of net quantities of proved reserves of oil and of gas and changes in them required by paragraphs [932-235-50-4 through 50-5](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-4) shall be presented in the aggregate and separately by geographic area (see the following paragraph) in which significant reserves (see paragraph [932-235-50-6B](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-6B)) are located. If an entity's proved reserves of oil and of gas are located entirely within its home country, the entity shall disclose that fact. ##### [235-932-50-6A](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-6A) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:d912eb3c7c7b5929e4ed6cad463c729dbd069c4ddad694df536a081a1ad1b47d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Any one of the following may constitute a geographic area, as appropriate for meaningful disclosure in the circumstances: 1. a An individual country 2. b A group of countries within a continent 3. c A continent. ##### [235-932-50-6B](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-6B) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:6dc22a29f78956e8a206ba7614dab17f1a24b00ccefd7fba3c6eab7e9fe8b902 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. In determining whether reserves are significant: 1. a An entity shall consider all facts and circumstances and not solely the quantity of reserves. 2. b At a minimum, net quantities of reserves shall be presented in the aggregate and separately by geographic area and for each country containing 15 percent or more of an entity's proved reserves, expressed on an oil-equivalent-barrels basis. Reserves shall include an entity's proportionate share of reserves of equity method investees. ##### [235-932-50-7](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-7) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:454501b48cdcd545c3098854359bf76c416d781da1bc53342d69ddadd4d194b4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Net quantities disclosed in conformity with paragraphs [932-235-50-4 through 50-6B](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-4) shall not include oil or gas subject to purchase under long-term supply, purchase, or similar agreements and contracts, including such agreements with governments or authorities. However, quantities of oil or gas subject to such agreements with governments or authorities as of the end of the year, and the net quantity of oil or gas received under the agreements during the year, shall be separately disclosed if the entity participates in the operation of the properties in which the oil or gas is located or otherwise serves as the producer of those reserves, as opposed, for example, to being an independent purchaser, broker, dealer, or importer. ##### [235-932-50-8](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-8) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:51e0f7d185ca93251d2b0697bf900c1087de05cb63dd9fb346eef5f5e3d510d8 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. In determining the reserve quantities to be disclosed in conformity with paragraphs [932-235-50-4 through 50-7](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-4) : 1. a If the entity issues [consolidated financial statements](https://asc.understandingaccounting.org/glossary/c/#consolidated-financial-statements "The financial statements of a consolidated group of entities that include a parent and all its subsidiaries presented as those of a single economic entity."), 100 percent of the net reserve quantities attributable to the [parent](https://asc.understandingaccounting.org/glossary/p/#parent "An entity that has a controlling financial interest in one or more subsidiaries. (Also, an entity that is the primary beneficiary of a variable interest entity.)") and 100 percent of the net reserve quantities attributable to its consolidated [subsidiaries](https://asc.understandingaccounting.org/glossary/s/#subsidiary "An entity, including an unincorporated entity such as a partnership or trust, in which another entity, known as its parent, holds a controlling financial interest. (Also, a variable interest entity that is consolidated by a primary beneficiary.)") (whether or not wholly owned) shall be included. If a significant portion of those reserve quantities at the end of the year is attributable to a consolidated subsidiary or subsidiaries in which there is a significant [noncontrolling interest](https://asc.understandingaccounting.org/glossary/n/#noncontrolling-interest "The portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. A noncontrolling interest is sometimes called a minority interest."), that fact and the approximate portion shall be disclosed. 2. b If the entity's financial statements include investments that are proportionately consolidated, the entity's reserve quantities shall include its proportionate share of the investees' net oil and gas reserves. 3. c If the entity's financial statements include investments that are accounted for by the equity method, the entity shall separately disclose the net reserve quantities required by paragraphs [932-235-50-4 through 50-7](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-4) for both of the following: 1. 1 Consolidated entities 2. 2 The entity's share of equity method investees. The entity may, in addition to separate disclosure, disclose a combined total for items (1) and (2) for each of the quantities required to be disclosed by this paragraph. ##### [235-932-50-9](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-9) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:85bc59ffeb9ca41127bbf1afdaaaa5a81fefeaa37c1a8542b14f9d324bae86ac Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. In reporting reserve quantities and changes in them, oil and synthetic oil reserves and natural gas liquids reserves shall be stated in barrels, and gas and synthetic gas reserves in cubic feet. ##### [235-932-50-10](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-10) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:0d48cca4e0567afe1f67d395252b2720791a65046e5e577de6494e1206e83733 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If important economic factors or significant uncertainties affect particular components of an entity's proved reserves, explanation shall be provided. Examples include unusually high expected development or lifting costs, the necessity to build a major pipeline or other major facilities before production of the reserves can begin, and contractual obligations to produce and sell a significant portion of reserves at prices that are substantially below those at which the oil or gas could otherwise be sold in the absence of the contractual obligation. ##### [235-932-50-11](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-11) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:80dd09187ad8b9faeb7090fe5bc8d1402bd73a664ebb5eaac57c0a586903d20f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. An entity need not disclose the proved reserves in either of the following circumstances: 1. a The government of a country containing reserves prohibits disclosing reserves in that country. 2. b The government of a country containing reserves prohibits disclosing a particular field, and disclosing reserves in that country would have the effect of disclosing reserves in particular fields. ##### [235-932-50-11A](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-11A) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:c31bbf620037278dc9117eb020752506069a1211a01480412bd170331bc098d2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If a country's government prohibits disclosing the reserves in that country but does not prohibit including those reserves as part of a more aggregated total quantity of reserves (for example, the quantity of reserves disclosed for a group of countries within a continent or a continent), the entity shall include the reserves located in that country in total reserves disclosed for the most disaggregated geographic area that does not violate specific government prohibitions. ##### [235-932-50-11B](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-11B) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:45caba90e7e9626b2e3585fac5169d1a4ac6f699ec77b8591ae5be8f4a31da12 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If a government restricts the disclosure of estimated reserves for properties under its authority, or of amounts under long-term supply, purchase, or similar agreements or contracts, or if the government requires the disclosure of reserves other than proved, the entity shall indicate that the disclosed reserve estimates or amounts do not include figures for the named country or that reserve estimates include reserves other than proved. ##### [235-932-50-12](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-12) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:9d728553f3719da4f84eafe9cddb683904a9f9f5cb54f652c88e5bac3072a7fa Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See Example 2 (paragraph [932-235-55-3](https://asc.understandingaccounting.org/asc/235/932/#235-932-55-3)) for an illustration of these requirements. ##### [235-932-50-13](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-13) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:b50c13cfc7c12226651a9f073bec737a2cc6379113768ec934a175c29086dd5e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The aggregate capitalized costs relating to an entity's oil- and gas-producing activities (see paragraph [932-360-25-4](https://asc.understandingaccounting.org/asc/360/932/#360-932-25-4)) and the aggregate related accumulated depreciation, depletion, amortization, and valuation allowances shall be disclosed as of the end of the year. Paragraph [360-10-50-1](https://asc.understandingaccounting.org/asc/360/10/#360-10-50-1) requires disclosure of balances of major classes of depreciable assets, by nature or function. Thus, separate disclosure of capitalized costs for asset categories in paragraph [932-360-25-4](https://asc.understandingaccounting.org/asc/360/932/#360-932-25-4) or for a combination of those categories often may be appropriate. ##### [235-932-50-14](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-14) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:859d360db4906223dde706ab2b9dd624a845787121034eb038b365e16406dfd2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If significant, capitalized costs of [unproved properties](https://asc.understandingaccounting.org/glossary/u/#unproved-properties "Unproved properties are properties with no proved reserves.") shall be separately disclosed. Capitalized costs of [support equipment and facilities](https://asc.understandingaccounting.org/glossary/s/#support-equipment-and-facilities "Support equipment and facilities used in oil- and gas-producing activities, such as seismic equipment, drilling equipment, construction and grading equipment, vehicles, repair shops, warehouses, supply points, camps, and division, district, or field offices.") may be disclosed separately or included, as appropriate, with capitalized costs of proved and unproved properties. ##### [235-932-50-15](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-15) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:18200ea09ac5a4facb6be0ff1e1a997dfc73f72e2fcca53791db4758e460d44c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If the entity's financial statements include investments that are accounted for by the equity method, the entity shall separately disclose the amounts required by paragraphs [932-235-50-13 through 50-14](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-13) for both of the following: 1. a Consolidated entities 2. b The entity's share of equity method investees. The entity shall not disclose the combined total of items (a) and (b). ##### [235-932-50-16](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-16) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:df5b5ac01ccac9bfc165c7c303ea47ba4b79aa3da5cf74341e8ef886df4ce6b8 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2010-03](https://asc.understandingaccounting.org/updates/asu-2010-03/). ##### [235-932-50-17](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-17) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:7debc7dc0e635f362938077681468f81e001161053e8890db61b473f1b845cbe Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See Example 3 (paragraph [932-235-55-4](https://asc.understandingaccounting.org/asc/235/932/#235-932-55-4)) for an illustration of these requirements. ##### [235-932-50-18](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-18) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:aaf1b019ca6567875c79390ba051dffa182a8782fdb3d0502c2d60749496b42d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. All of the following types of costs for the year shall be disclosed (whether those costs are capitalized or charged to expense at the time they are incurred under the provisions of paragraphs [932-360-25-7 through 25-14](https://asc.understandingaccounting.org/asc/360/932/#360-932-25-7) , [932-360-40-2](https://asc.understandingaccounting.org/asc/360/932/#360-932-40-2), and [932-720-25-1](https://asc.understandingaccounting.org/asc/720/932/#720-932-25-1)): 1. a Property acquisition costs 2. b Exploration costs 3. c Development costs. As defined in paragraphs [932-360-25-9](https://asc.understandingaccounting.org/asc/360/932/#360-932-25-9) and [932-360-25-13](https://asc.understandingaccounting.org/asc/360/932/#360-932-25-13), exploration and development costs include depreciation of support equipment and facilities used in those activities and do not include the expenditures to acquire support equipment and facilities. ##### [235-932-50-19](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-19) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:b8215d538254d5aa2ec5977bbb1100bae2f1c390efe92104a9401fc841e6c350 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The amounts in the preceding paragraph shall be disclosed separately for each of the geographic areas for which reserve quantities are disclosed in accordance with paragraphs [932-235-50-6 through 50-6B](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-6). If significant costs have been incurred to acquire [mineral interests](https://asc.understandingaccounting.org/glossary/m/#mineral-interests "See Properties.") that have proved reserves, those costs shall be disclosed separately from the costs of acquiring unproved properties. ##### [235-932-50-20](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-20) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:3356eb10a915c9b6626441a8dede7b338c4841c1a60721b140b31db905e22ba7 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If the entity's financial statements include investments that are accounted for by the equity method, the entity shall separately disclose the amounts required by paragraphs [932-235-50-18 through 50-19](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-18) for both of the following: 1. a Consolidated entities 2. b The entity's share of equity method investees. The entity shall not disclose the combined total of items (a) and (b). ##### [235-932-50-21](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-21) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:1c6c9896d69a444712db0acf4d093f78d441a730508a70983f5772d71bea7102 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See Example 4 (paragraph [932-235-55-5](https://asc.understandingaccounting.org/asc/235/932/#235-932-55-5)) for an illustration of these requirements. ##### [235-932-50-22](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-22) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:03dbc528f6ac5e15971b0c82e232cf512ace081343481ce09390b39d5ab20b00 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If oil- and gas-producing activities represent substantially all of the business activities of the reporting entity and those oil- and gas-producing activities are located substantially in a single geographic area, the information required in paragraphs [932-235-50-22 through 50-28](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-22) need not be disclosed if that information is provided elsewhere in the financial statements. If oil- and gas-producing activities constitute an operating segment, as discussed in paragraphs [280-10-50-1 through 50-18](https://asc.understandingaccounting.org/asc/280/10/#280-10-50-1) , information about the results of operations required in paragraphs [932-235-50-22 through 50-28](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-22) may be included with segment information disclosed elsewhere in the financial report. ##### [235-932-50-23](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-23) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:52673a6ea8a3f48fb1e74911f8309cbb5607b8979dc6e8035fba22f864b330a1 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The results of operations for oil- and gas-producing activities shall be disclosed for the year. That information shall be disclosed in the aggregate and for each geographic area for which reserve quantities are disclosed in accordance with paragraphs [932-235-50-6 through 50-6B](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-6). All of the following information relating to those activities shall be presented: 1. a Revenues (see the following paragraph) 2. b Production (lifting) costs 3. c Exploration expenses (Generally, only entities utilizing the successful efforts accounting method will have exploration expenses to disclose, since entities utilizing the full cost accounting method generally capitalize all exploration costs when incurred and subsequently reflect those costs in the determination of earnings through depreciation, depletion, and amortization, and valuation provisions.) 4. d Depreciation, depletion, and amortization, and valuation provisions 5. e Income tax expenses (see paragraph [932-235-50-25](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-25)) 6. f Results of operations for oil- and gas-producing activities (excluding corporate overhead and interest costs) (see paragraphs [932-235-50-26 through 50-27](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-26) ). ##### [235-932-50-24](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-24) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:9cbc6f51f63d6295c33dbc4ddf2d5cce80fa9a7a6d09502c7dcb44cf1aad039f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Revenues shall include sales to unaffiliated entities and sales or transfers to the entity's other operations (for example, refineries or chemical plants). Sales to unaffiliated entities may be [contracts](https://asc.understandingaccounting.org/glossary/c/#contract "An agreement between two or more parties that creates enforceable rights and obligations.") with [customers](https://asc.understandingaccounting.org/glossary/c/#customer "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.") within the scope of Topic 606; see disclosure requirements in Section 606-10-50. Sales to unaffiliated entities and sales or transfers to the entity's other operations shall be disclosed separately. Revenues shall include sales to unaffiliated entities attributable to net working interests, royalty interests, oil payment interests, and net profits interests of the reporting entity. Sales or transfers to the entity's other operations shall be based on market prices determined at the point of delivery from the producing unit. Those market prices shall represent prices equivalent to those that could be obtained in an arm's-length transaction. Production or severance taxes shall not be deducted in determining gross revenues, but rather shall be included as part of production costs. Royalty payments and net profits disbursements shall be excluded from gross revenues. ##### [235-932-50-25](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-25) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:ecbc1a315bc68035bdff0519ee84137bbe132276ae70b615c043ca7cc716dfe8 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Income taxes shall be computed using the statutory tax rate for the period, applied to revenues less production (lifting) costs; exploration expenses; depreciation, depletion, and amortization; and valuation provisions. Calculation of income tax expenses shall reflect tax deductions and tax credits and allowances relating to the oil- and gas-producing activities that are reflected in the entity's consolidated income tax expense for the period. ##### [235-932-50-26](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-26) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:c38aa56d9d576252b0ace9b46651a03c52096b6b835ba010892d03db983b4d55 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Results of operations for oil- and gas-producing activities are defined as revenues less production (lifting) costs; exploration expenses; depreciation, depletion, and amortization; valuation provisions; and income tax expenses. General corporate overhead and interest costs shall not be deducted in computing the results of operations for an entity's oil- and gas-producing activities. The disposition of interest costs that have been capitalized as part of the cost of acquiring qualifying assets used in oil- and gas-producing activities shall be the same as that of other components of those assets' costs. However, some expenses incurred at an entity's central administrative office may not be general corporate expenses, but rather may be operating expenses of oil- and gas-producing activities, and therefore shall be reported as such. The nature of an expense rather than the location of its incurrence shall determine whether it is an operating expense. Only those expenses identified by their nature as operating expenses shall be allocated as operating expenses in computing the results of operations for oil- and gas-producing activities. ##### [235-932-50-27](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-27) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:0cd35d5449c6e3371a4fa9fbbf8f02389a2fa9e8831e361c835edc101350724f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The amounts disclosed in conformity with paragraphs [932-235-50-21 through 50-28](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-21) shall include an entity's interests in [proved oil and gas reserves](https://asc.understandingaccounting.org/glossary/p/#proved-oil-and-gas-reserves "Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulation before the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether the estimate is a deterministic estimate or probabilistic estimate. The project to extract the hydrocarbons must have commenced, or the operator must be reasonably certain that it will commence the project, within a reasonable time.The area of the reservoir considered as proved includes all of the following: The area identified by drilling and limited by fluid contacts, if any Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data. In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establish a lower contact with reasonable certainty.Where direct observation from well penetrations has defined a highest known oil elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.Reserves that can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when both of the following occur: Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based. The project has been approved for development by all necessary parties and entities, including governmental entities. Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period before the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.") (see paragraphs [932-235-50-3 through 50-11B](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-3)) and in oil and gas subject to purchase under long-term supply, purchase, or similar agreements and contracts in which the entity participates in the operation of the properties on which the oil or gas is located or otherwise serves as the producer of those reserves (see paragraph [932-235-50-7](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-7)). ##### [235-932-50-28](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-28) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:1931a41adb120b31a8ccbce6c54f22a6449e06de6334bea84ced5a8bc231e6f7 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If the entity's financial statements include investments that are accounted for by the equity method, the entity shall separately disclose the amounts required by paragraphs [932-235-50-22 through 50-27](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-22) for both of the following: 1. a Consolidated entities 2. b The entity's share of equity method investees. The entity shall not disclose the combined total of items (a) and (b), except that an entity may, in addition to separate disclosure, disclose the combined total of items (a) and (b) for the amounts required by paragraph [932-235-50-23(f)](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-23). ##### [235-932-50-29](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-29) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:30eceee569b1f8a5002ed699c6e9b6ca32bd310146920ac91ffe975744ed124e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See Example 5 (paragraph [932-235-55-6](https://asc.understandingaccounting.org/asc/235/932/#235-932-55-6)) for an illustration of these requirements. ##### [235-932-50-30](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-30) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:6a6f5e0efda9d43c97fab06be04d0e1f451da976dbe5088036671e404b0d8712 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. A standardized measure of discounted future net cash flows relating to an entity's interests in both of the following shall be disclosed as of the end of the year: 1. a Proved oil and gas reserves (see paragraphs [932-235-50-3 through 50-11B](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-3)) 2. b Oil and gas subject to purchase under long-term supply, purchase, or similar agreements and contracts in which the entity participates in the operation of the properties on which the oil or gas is located or otherwise serves as the producer of those reserves (see paragraph [932-235-50-7](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-7)). The standardized measure of discounted future net cash flows relating to those two types of interests in reserves may be combined for reporting purposes. ##### [235-932-50-31](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-31) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:7b50301cbc87e5d3d9c939d4aa4ea01ff3d57906fd2fcc677424c0e645c047c0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. All of the following information shall be disclosed in the aggregate and for each geographic area for which reserve quantities are disclosed in accordance with paragraphs [932-235-50-3 through 50-11B](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-3): 1. a Future cash inflows. These shall be computed by applying prices used in estimating the entity's proved oil and gas reserves to the year-end quantities of those reserves. Future price changes shall be considered only to the extent provided by contractual arrangements in existence at year-end. 2. b Future development and production costs. These costs shall be computed by estimating the expenditures to be incurred in developing and producing the proved oil and gas reserves at the end of the year, based on year-end costs and assuming continuation of existing economic conditions. If estimated development expenditures are significant, they shall be presented separately from estimated production costs. 3. c Future income tax expenses. These expenses shall be computed by applying the appropriate year-end statutory tax rates, with consideration of future tax rates already legislated, to the future pretax net cash flows relating to the entity's proved oil and gas reserves, less the tax basis of the properties involved. The future income tax expenses shall give effect to tax deductions and tax credits and allowances relating to the entity's proved oil and gas reserves. 4. d Future net cash flows. These amounts are the result of subtracting future development and production costs and future income tax expenses from future cash inflows. 5. e Discount. This amount shall be derived from using a discount rate of 10 percent a year to reflect the timing of the future net cash flows relating to proved oil and gas reserves. 6. f Standardized measure of discounted future net cash flows. This amount is the future net cash flows less the computed discount. ##### [235-932-50-32](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-32) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:cb74fde68afcd586b77ed151cce3312195aa943d3e277a7be726dd5911a26d22 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If a significant portion of the economic interest in the consolidated standardized measure of discounted future net cash flows reported is attributable to a consolidated subsidiary or subsidiaries in which there is a significant noncontrolling interest, that fact and the approximate portion shall be disclosed. ##### [235-932-50-33](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-33) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:42f61cbaa182e6d0b861be4013fb2e9efe775cd96419b5ad233a7de13782fa77 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If the financial statements include investments that are accounted for by the equity method, the entity shall separately disclose the amounts required by paragraphs [932-235-50-30 through 50-32](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-30) for both of the following: 1. a Consolidated entities 2. b The entity's share of equity method investees. The entity may, in addition to separate disclosure, disclose a combined total for items (a) and (b) for each of the amounts required to be disclosed by this paragraph. ##### [235-932-50-34](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-34) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:3eff01b167c9f8437198fb3a485b483e834884b8922e3893fcd58aa3079384f9 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See Example 6 (paragraph [932-235-55-7](https://asc.understandingaccounting.org/asc/235/932/#235-932-55-7)) for an illustration of these requirements. ##### [235-932-50-35](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-35) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:81b5f616ef20d5108f923a394cb9bcbea898a9444fd3cd328fb26849dc186e80 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The aggregate change in the standardized measure of discounted future net cash flows shall be disclosed for the year. If individually significant, all of the following sources of change shall be presented separately: 1. a Net change in sales and transfer prices and in production (lifting) costs related to future production 2. b Changes in estimated future development costs 3. c Sales and transfers of oil and gas produced during the period 4. d Net change due to extensions, discoveries, and improved recovery 5. e Net change due to purchases and sales of minerals in place 6. f Net change due to revisions in quantity estimates 7. g Previously estimated development costs incurred during the period 8. h Accretion of discount 9. i Other—unspecified 10. j Net change in income taxes. In computing the amounts under each of the above categories, the effects of changes in prices and costs shall be computed before the effects of changes in quantities. As a result, changes in quantities shall be stated at prices used in estimating proved oil and gas reserves and year-end costs. The change in computed income taxes shall reflect the effect of income taxes incurred during the period as well as the change in future income tax expenses. Therefore, all changes except income taxes shall be reported pretax. ##### [235-932-50-35A](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-35A) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:3df9ae1c7bad5920292d54bffdb4efdb775d122bbdc632318e7ca9ae134a6846 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If the financial statements include investments that are accounted for by the equity method, the entity shall separately disclose the amounts required by the preceding paragraph for both of the following: 1. a Consolidated entities 2. b The entity's share of equity method investees. The entity may, in addition to separate disclosure, disclose a combined total for items (a) and (b) for each of the amounts required to be disclosed by this paragraph. ##### [235-932-50-36](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-36) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:35.317Z to 2026-09-09T23:15:35.317Z Record version: sha256:9f53d0cfe279ec3aa6e9b1db04c538c6bfdf94c07a200c648082d3097f861060 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Additional information necessary to prevent the disclosure of the standardized measure of discounted future net cash flows and changes therein from being misleading also shall be provided. Source downloaded (UTC): 2026-09-09T23:15:37.040Z to 2026-09-09T23:15:37.040Z Record version: sha256:c624144d944bf4ee77e0d6cdfdf4c6603addd2dd6f22a816e6f5d309cf4e4e70 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-932-55: 55 Implementation Guidance and Illustrations [Read section](https://asc.understandingaccounting.org/asc/235/932/#55-implementation-guidance-and-illustrations) SEC content: no #### Illustrations ##### [235-932-55-1](https://asc.understandingaccounting.org/asc/235/932/#235-932-55-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:37.040Z to 2026-09-09T23:15:37.040Z Record version: sha256:fcff2597e91f17e6ee71be8674bae51c10c7fb3589fb13f2ec005ed1248600e3 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following Examples present formats that may be used to disclose certain information required by this Subtopic when a complete set of annual financial statements is presented for one year. ##### [235-932-55-2](https://asc.understandingaccounting.org/asc/235/932/#235-932-55-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:37.040Z to 2026-09-09T23:15:37.040Z Record version: sha256:78dacd56302fd5ead192c2237e5b76e457f0568463a820ca32f8db1e4fb0532b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Example illustrates the guidance in paragraphs [932-235-50-3 through 50-11B](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-3). - ![](https://asc.understandingaccounting.org/asc-img/GUID-1FFCA9D8-8EDA-4C22-9244-2A8DE60C4141-low.gif) "RESERVE QUANTITY INFORMATION (a) FOR THE YEAR ENDED DECEMBER 31, 20X0" Total Total—by product Continent A Continent B—Country A Other Countries in Continent B Other Continents / Countries Oil All Products Synthetic Oil Oil Synthetic Oil Oil "Synthetic Oil" Oil Synthetic Oil Oil Synthetic Oil Proved developed and undeveloped reserves (consolidated entities only): Beginning of year X X X X X X X X X X X "Revisions of previous estimates " X X X X X X X X X X X Improved recovery X X X X X X X X X X X Purchases of minerals in place X X X X X X X X X X X Extensions and discoveries X X X X X X X X X X X Production (X) (X) (X) (X) (X) (X) (X) (X) (X) (X) (X) Sales of minerals in place (X) (X) (X) (X) (X) (X) (X) (X) (X) (X) (X) End of year X (b) X X X X X X X X X X Entity's share of proved developed and undeveloped reserves of investees accounted for by the equity method Beginning of the year X X X X X X X X X X X Revisions of previous estimates X X X X X X X X X X X Improved recovery X X X X X X X X X X X Purchases of minerals in place X X X X X X X X X X X Extensions and discoveries X X X X X X X X X X X Production (X) (X) (X) (X) (X) (X) (X) (X) (X) (X) (X) Sales of minerals in place (X) (X) (X) (X) (X) (X) (X) (X) (X) (X) (X) Entity's share of reserves of investees accounted for by the equity method—end of year X X X X X X X X X X X Total consolidated and equity interests in reserves—end of year X X X X X X X X X X X "Note: Total consolidated and equity interests in reserves—end of year is permitted, but is not required (see paragraph 932-235-50-6(c))." - ![](https://asc.understandingaccounting.org/asc-img/GUID-3E68ED4B-082E-4298-81B1-C100A467FC5F-low.gif) "RESERVE QUANTITY INFORMATION FOR THE YEAR ENDED DECEMBER 31, 20X0 Continued" Total Total—by product Continent A Continent B—Country A Other Countries in Continent B Other Continents / Countries All Products Oil Synthetic Oil Oil Synthetic Oil Oil Synthetic Oil Oil Synthetic Oil Oil Synthetic Oil Proved developed reserves (consolidated entities only): Beginning of year X X X X X X X X X X X End of year X X X X X X X X X X X Proved undeveloped reserves (consolidated entities only): Beginning of year X X X X X X X X X X X End of year X X X X X X X X X X X "Oil and gas subject to long-term supply, purchase, or similar agreements with governments or authorities in which the entity participates in the operation of the properties where the oil or gas is located or otherwise serves as the producer of those reserves (consolidated entities only):" Total under contract (quantity subject to agreement)—end of year X X X X X X X X X X X Received during the year X X X X X X X X X X X (a) Oil and synthetic oil reserves stated in barrels. (b) Includes reserves of X barrels attributable to a consolidated subsidiary in which there is an X percent noncontrolling interest. Notes: "If applicable, reserve quantity information is required for gas and synthetic gas reserves, and other products by paragraph 932-235-50-4. " "The table above discloses quantities of proved developed and undeveloped reserves, and oil and gas subject to long-term supply, purchase, or similar agreements with governments or authorities in which the entity participates in the operation of the properties where the oil or gas is located or otherwise serves as the producer of those reserves, attributable to consolidated entities (see paragraphs 932-235-50-4 and 50-7). The entity shall disclose the same information for the entity's share of reserves of investees accounted for by the equity method, if applicable (see paragraph 932-235-50-8)." "The table above discloses information for the total quantity of reserves for all products, in addition to disclosing the information by product. This disclosure is permitted, but is not required (see paragraph 932-235-50-4)." ##### [235-932-55-3](https://asc.understandingaccounting.org/asc/235/932/#235-932-55-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:37.040Z to 2026-09-09T23:15:37.040Z Record version: sha256:24b61a16bb9635cf7b1e9dc759bb086ed74fd55a049f6383f648de09c45fa4f2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Example illustrates the guidance in paragraphs [932-235-50-12 through 50-15](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-12) . - ![](https://asc.understandingaccounting.org/asc-img/GUID-E78A350B-E5E2-4454-A946-C95C19B11C64-low.gif) "CAPITALIZED COSTS RELATING TO OIL- AND GAS-PRODUCING ACTIVITIES AT DECEMBER 31, 20X0" Consolidated Entity's Share of Equity Method Investees Unproved oil and gas properties $X $X Proved oil and gas properties X X X X "Accumulated depreciation, depletion, and amortization, and valuation allowances" X X Net capitalized costs $X $X ##### [235-932-55-4](https://asc.understandingaccounting.org/asc/235/932/#235-932-55-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:37.040Z to 2026-09-09T23:15:37.040Z Record version: sha256:069efda592c09d8d3f0dcc43fdf1eb9016dadce1b265a7ee548785aaf6dd7a30 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Example illustrates the guidance in paragraphs [932-235-50-17 through 50-20](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-17) . - ![](https://asc.understandingaccounting.org/asc-img/GUID-E6D4AD91-E79C-47F4-8DD6-C9603040E24C-low.gif) "COSTS INCURRED IN OIL AND GAS PROPERTY ACQUISITION, EXPLORATION, AND DEVELOPMENT FOR THE YEAR ENDED DECEMBER 31, 20X0" Total Continent A Continent B—Country A Other Countries in Continent B Other Continents / Countries Consolidated entities: Acquisition of properties Proved $X $X $X $X $X Unproved X X X X X Exploration costs X X X X X Development costs X X X X X Entity's share of equity method investees: Acquisition of properties Proved $X $X $X $X $X Unproved X X X X X Exploration costs X X X X X Development costs X X X X X ##### [235-932-55-5](https://asc.understandingaccounting.org/asc/235/932/#235-932-55-5) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:37.040Z to 2026-09-09T23:15:37.040Z Record version: sha256:29ae19590522132be4f7e75adb74fe4cf3091ba4894a5a34b4d8e4bb94fbdb13 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Example illustrates the guidance in paragraphs [932-235-50-21 through 50-28](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-21) . - ![](https://asc.understandingaccounting.org/asc-img/GUID-E802926F-3613-4713-964F-D5AF356B5226-low.gif) "RESULTS OF OPERATIONS FOR OIL- AND GAS- PRODUCING ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, 20X0" Total Continent A Continent B—Country A Other Countries in Continent B Other Continents / Countries Consolidated entities: Revenues Sales $X $X $X $X $X Transfers X X X X X Total X X X X X Production costs (X) (X) (X) (X) (X) Exploration expenses (X) (X) (X) (X) (X) "Depreciation, depletion, and amortization, and valuation provisions" (X) (X) (X) (X) (X) X X X X X Income tax expenses (X) (X) (X) (X) (X) Results of operations from producing activities (excluding corporate overhead and interest costs) $X $X $X $X $X Entity's share of equity method investees: Revenues Sales $X $X $X $X $X Transfers X X X X X Total X X X X X Production costs (X) (X) (X) (X) (X) Exploration expenses (X) (X) (X) (X) (X) "Depreciation, depletion, and amortization, and valuation provisions" (X) (X) (X) (X) (X) X X X X X Income tax expenses (X) (X) (X) (X) (X) Results of operations for producing activities (excluding corporate overhead and interest costs) $X $X $X $X $X Total consolidated and equity method investees results of operations for producing activities (excluding corporate overhead and interest costs) $X $X $X $X $X "Note: Disclosure of the total consolidated and equity method investees results of operations for producing activities (excluding corporate overhead and interest costs) is permitted, but not required (see paragraph 935-235-50-28)." ##### [235-932-55-6](https://asc.understandingaccounting.org/asc/235/932/#235-932-55-6) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:37.040Z to 2026-09-09T23:15:37.040Z Record version: sha256:c541e68b1141435d450861c962ebf7291292e9627922458df9dca27c4772b999 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Example illustrates the guidance in paragraphs [932-235-50-29 through 50-33](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-29) . - ![](https://asc.understandingaccounting.org/asc-img/GUID-439620D9-86B9-44F5-ACCA-0CCC84131961-low.gif) "STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS AT DECEMBER 31, 20X0" Total Continent A Continent B —Country A "Other Countries in Continent B " Other Continents / Countries Consolidated entities: Future cash inflows (a) $X $X $X $X $X Future production and development costs (a) (X) (X) (X) (X) (X) Future income tax expenses (a) (X) (X) (X) (X) (X) Future net cash flows X X X X X 10% annual discount for estimated timing of cash flows (X) (X) (X) (X) (X) Standardized measure of discounted future net cash flows $X (b) $X $X $X $X Entity's share of equity method investees: Future cash inflows (a) $X $X $X $X $X Future production and development costs (a) (X) (X) (X) (X) (X) Future income tax expenses (a) (X) (X) (X) (X) (X) Future net cash flows X X X X X 10% annual discount for estimated timing of cash flows (X) (X) (X) (X) (X) Standardized measure of discounted future net cash flows $X $X $X $X $X Total consolidated and equity interests in the standardized measure of discounted future cash flows $X $X $X $X $X (a) "Future net cash flows were computed using prices used in estimating the entity's (or the investee's) proved oil and gas reserves, and year-end costs, and statutory tax rates (adjusted for tax deductions) that relate to existing proved oil and gas reserves. This includes those mineral interests related to long-term supply agreements with governments for which the entity (or the investee) participates in the operation of the related properites or otherwise serves as the producer of the reserves, but does not include other supply arrangements or contracts that represent the right to purchase (as opposed to extract) oil and gas (see paragraph 932-235-50-7)." (b) Includes $X attributable to a consolidated subsidary in which there is an X percent noncontrolling interest. "Note: Disclosure of total consolidated and equity interests in the standardized measure of discounted future cash flows is permitted, but is not required (see paragraph 935-235-50-33)." ##### [235-932-55-7](https://asc.understandingaccounting.org/asc/235/932/#235-932-55-7) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:37.040Z to 2026-09-09T23:15:37.040Z Record version: sha256:5a5f0e5d338bb3f439399f607bac0dc707a5275c1a0f7ace3af754030a32ccc8 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Example illustrates the guidance in paragraphs [932-235-50-34 through 50-35A](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-34). - ![](https://asc.understandingaccounting.org/asc-img/GUID-18D1C2DC-6D10-4B63-A615-1BAB17E7570B-low.gif) "CHANGES IN THE STANDARDIZED MEASURE FOR DISCOUNTED CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 20X0 " Consolidated Entity's Share of Equity Method Investees Total Consolidated and Entity's Share of Equity Method Investees Net change in sales and transfer prices and in production (lifting) costs related to future production $X $X $X Changes in estimated future development costs X X X Sales and transfers of oil and gas produced during the period (X) (X) (X) "Net change due to extensions, discoveries, and improved recovery" X X X Net change due to purchases and sales of minerals in place X X X Net change due to revisions in quantity estimates X X X Previously estimated development costs incurred during the period X X X Accretion of discount X X X Other—unspecified X X X Net change in income taxes X X X Aggregate change in the standardized measure of discounted future net cash flows for the year X X X "Note: Disclosure of total consolidated and entity's share of equity method investees amounts is permitted, but is not required (see paragraph 935-235-50-35A)." Source downloaded (UTC): 2026-09-09T23:15:42.306Z to 2026-09-09T23:15:42.306Z Record version: sha256:f66ec296aeb40e74c0ff7ac353af9af7be9a147dbbe6f702ed35902cd40bc889 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-932-S00: SEC 00 Status [Read section](https://asc.understandingaccounting.org/asc/235/932/#sec-00-status) SEC content: yes ##### [235-932-S00-1](https://asc.understandingaccounting.org/asc/235/932/#235-932-S00-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:42.306Z to 2026-09-09T23:15:42.306Z Record version: sha256:cf1fc5ae2b1cc3c2f361b92294f9afa675c708017e9b9e15bf597962b5ff4a71 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
932-235-S99-1AmendedAccounting Standards Update No. 2012-0308/27/2012
Source downloaded (UTC): 2026-09-09T23:15:46.239Z to 2026-09-09T23:15:46.239Z Record version: sha256:68ebbf2d97b9d7fe7b3e2cccfb49b4c3592f9870e927e6e878e4498cb13e2a8a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-932-S50: SEC 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/235/932/#sec-50-disclosure) SEC content: yes #### Disclosures Related to Oil- and Gas-Producing Activities ##### [235-932-S50-1](https://asc.understandingaccounting.org/asc/235/932/#235-932-S50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:46.239Z to 2026-09-09T23:15:46.239Z Record version: sha256:3225c5efe2b7635dca2cec18eb04d1c05c2046f1f75fa5442a5f2d3a1a5a28cc Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [932-235-S99-1](https://asc.understandingaccounting.org/asc/235/932/#235-932-S99-1), SAB Topic 12.A.3.c, for SEC Staff views on disclosures related to oil- and gas-producing activities to be provided by limited partnerships in Form 10-K. ##### [235-932-S50-2](https://asc.understandingaccounting.org/asc/235/932/#235-932-S50-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:46.239Z to 2026-09-09T23:15:46.239Z Record version: sha256:43da4d437db102e41a56d2aae45dcdeb01bdb29fdd02d003dfe550d0742390aa Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [932-235-S99-1](https://asc.understandingaccounting.org/asc/235/932/#235-932-S99-1), SAB Topic 12.A.3.d, for SEC Staff views on disclosures related to the general partner in the registration statement of the limited partnership. ##### [235-932-S50-3](https://asc.understandingaccounting.org/asc/235/932/#235-932-S50-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:46.239Z to 2026-09-09T23:15:46.239Z Record version: sha256:d82922bf4d3196c798cb27a0c1258faf4600fb12595283b6089850b46ccc67bd Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [932-235-S99-1](https://asc.understandingaccounting.org/asc/235/932/#235-932-S99-1), SAB Topic 12.A.3.e, for SEC Staff views on disclosures for rate-regulated entities. Source downloaded (UTC): 2026-09-09T23:15:51.914Z to 2026-09-09T23:15:51.914Z Record version: sha256:4f1160c620993b14a25516b042d7f524f1ff12451b5ae5c7b6b095ef9df4731f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-932-S99: SEC 99 SEC Materials [Read section](https://asc.understandingaccounting.org/asc/235/932/#sec-99-sec-materials) SEC content: yes #### SEC Staff Guidance ##### [235-932-S99-1](https://asc.understandingaccounting.org/asc/235/932/#235-932-S99-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:51.914Z to 2026-09-09T23:15:51.914Z Record version: sha256:1ad523f87b124ce5a3d702737d6486c32372ffec4e4b195285f41e36a0e594be Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of SAB Topic 12.A.3, Disclosure of Reserve Information. - c. Limited partnership 10-K reports. - Facts: Securities Act Industry Guide 2 contains an exemption from the requirements of the Guide to disclose certain information relating to oil and gas operations for "limited partnerships or joint ventures that conduct, operate, manage, or report upon oil and gas drilling income programs which acquire properties either for drilling and production, or for production of oil, gas, or geothermal steam." - Limited partnership agreements often contain buy-out provisions under which the general partner agrees to purchase limited partnership interests that are offered for sale, based upon a specified valuation formula. Because of these arrangements, the requirements for disclosure of reserve value information may be of little significance to the limited partners. - Question: Must the financial statements of limited partnerships included in reports on Form 10-K contain the disclosures of estimated future net revenues, present values and changes therein, and supplemental summary of oil and gas activities specified by in FASB ASC paragraphs [932-235-50-23 through 50-36](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-23) (Extractive Activities—Oil and Gas Topic)? - Interpretive Response: The staff will not take exception to the omission of these disclosures in a limited partnership Form 10-K if reserve value information is available to the limited partners pursuant to the partnership agreement (even though the valuations may be computed differently and may be as of a date other than year end). However, the staff will require all of the information listed in FASB ASC paragraphs [932-235-50-23 through 50-36](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-23) for partnerships which are the subject of a merger or exchange offer under which various limited partnerships are to be combined into a single entity. - e. Rate regulated companies. - Question: If a company has cost-of-service oil and gas producing properties, how should they be treated in the supplemental disclosures of reserve quantities and related future net revenues provided pursuant to FASB ASC paragraphs [932-235-50-29 through 50-36](https://asc.understandingaccounting.org/asc/235/932/#235-932-50-29) ? - Interpretive Response: Rule 4-10 provides that registrants may give effect to differences arising from the ratemaking process for cost-of-service oil and gas properties. Accordingly, in these circumstances, the staff believes that the company's supplemental reserve quantity disclosures should indicate separately the quantities associated with properties subject to cost-of-service ratemaking, and that it is appropriate to exclude those quantities from the future net revenue disclosures. The company should also disclose the nature and impact of its cost-of-service ratemaking, including the unamortized cost included in the balance sheet. Source downloaded (UTC): 2026-09-09T23:15:55.670Z to 2026-09-09T23:16:07.394Z Record version: sha256:689a7b93d5ca61a26e8749e88078a1ad596a857338baacdb729c919476bddbe0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-942: Notes to Financial Statements — Financial Services—Depository and Lending Source downloaded (UTC): 2026-09-09T23:15:55.670Z to 2026-09-09T23:15:55.670Z Record version: sha256:b07440d9dde930e077e987cefe5c655d3f3c9e9733ae3549ca18556e04d41a5a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-942-S00: SEC 00 Status [Read section](https://asc.understandingaccounting.org/asc/235/942/#sec-00-status) SEC content: yes ##### [235-942-S00-1](https://asc.understandingaccounting.org/asc/235/942/#235-942-S00-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:15:55.670Z to 2026-09-09T23:15:55.670Z Record version: sha256:fda860cc41e391e2d8313c7aa0e85a19dfb0f428a5d4ae228c243270e3ec66eb Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
942-235-S99-1AmendedAccounting Standards Update No. 2019-0707/26/2019
942-235-S99-2AmendedAccounting Standards Update No. 2019-0707/26/2019
942-235-S99-2AmendedAccounting Standards Update No. 2010-2108/02/2010
Source downloaded (UTC): 2026-09-09T23:16:02.159Z to 2026-09-09T23:16:02.159Z Record version: sha256:5405bc59c15d800ca3a98f589b72358c5ff0a9c372517bb1c87410ecb63b7674 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-942-S50: SEC 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/235/942/#sec-50-disclosure) SEC content: yes #### Foreign Activities ##### [235-942-S50-1](https://asc.understandingaccounting.org/asc/235/942/#235-942-S50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:02.159Z to 2026-09-09T23:16:02.159Z Record version: sha256:ce2cf8e703ae7889b80f8a863d20e383a4b14054384bff0f0928a9971b12e43e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [942-235-S99-1](https://asc.understandingaccounting.org/asc/235/942/#235-942-S99-1), Regulation S-X Rule 9-05, for disclosure requirements pertaining to [foreign activities](https://asc.understandingaccounting.org/glossary/f/#foreign-activities "See paragraph 942-235-S99-1, Regulation S-X Rule 9-05(c)(1), for the definition of foreign activities for purposes of Regulation S-X Rule 9-05."). #### Loan Losses ##### [235-942-S50-2](https://asc.understandingaccounting.org/asc/235/942/#235-942-S50-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:02.159Z to 2026-09-09T23:16:02.159Z Record version: sha256:6e5b3061c823e272c23841124bfefb1b75eb27016e14a211336863a8c2f504fe Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [942-210-S99-1](https://asc.understandingaccounting.org/asc/210/942/#210-942-S99-1), Regulation S-X Rule 9-03(7)(d), for disclosure requirements pertaining to loan losses. #### Loans Made to Related Parties ##### [235-942-S50-3](https://asc.understandingaccounting.org/asc/235/942/#235-942-S50-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:02.159Z to 2026-09-09T23:16:02.159Z Record version: sha256:f198cb7a7392d715c922bc2a44558193d66388eef374d40bca5010aa5a9cff16 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [942-210-S99-1](https://asc.understandingaccounting.org/asc/210/942/#210-942-S99-1), Regulation S-X Rule 9-03(7)(e), for disclosure requirements for loans made by the registrants to certain related parties. #### Compensating Balance Arrangements ##### [235-942-S50-4](https://asc.understandingaccounting.org/asc/235/942/#235-942-S50-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:02.159Z to 2026-09-09T23:16:02.159Z Record version: sha256:4b32fd1c7418fd94cec0774f3ce7b2c195e9773fbaa9bd36685f63875d9f93f2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [210-10-S99-2](https://asc.understandingaccounting.org/asc/210/10/#210-10-S99-2), SAB Topic 6.H.1.b, for SEC Staff views on the applicability of ASR 148 to certain bank holding companies and brokerage firms. Source downloaded (UTC): 2026-09-09T23:16:07.394Z to 2026-09-09T23:16:07.394Z Record version: sha256:6100263d3acd275869eb4516f009ee7ad9e5a325651491b3a77f9b06c4aed1cc Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-942-S99: SEC 99 SEC Materials [Read section](https://asc.understandingaccounting.org/asc/235/942/#sec-99-sec-materials) SEC content: yes #### SEC Rules, Regulations, and Interpretations ##### [235-942-S99-1](https://asc.understandingaccounting.org/asc/235/942/#235-942-S99-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:07.394Z to 2026-09-09T23:16:07.394Z Record version: sha256:2ae597453a3a3357eec41378234336e1abd3246eba795fb1880b13c50fe32277 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of Regulation S-X Rule 9-05, Foreign Activities (17 CFR 210.9-05). - (a) General requirement. Separate disclosure concerning foreign activities shall be made for each period in which either - (1) assets, or - (2) revenue, or - (3) income (loss) before income tax expense, or - (4) net income (loss), - each as associated with foreign activities, exceeded ten percent of the corresponding amount in the related financial statements. - (b) Disclosures. - (1) Disclose total identifiable assets (net of valuation allowances) associated with foreign activities. - (2) For each period for which a statement of comprehensive income is filed, state the amount of revenue, income (loss) before taxes, and net income (loss) associated with foreign activities. Disclose significant estimates and assumptions (including those related to the cost of capital) used in allocating revenue and expenses to foreign activities; describe the nature and effects of any changes in such estimates and assumptions which have a significant impact on interperiod comparability. - (3) The information in paragraph (b) (1) and (2) of this section shall be presented separately for each significant geographic area and in the aggregate for all other geographic areas not deemed significant. - (c) Definitions. - (1) [Foreign activities](https://asc.understandingaccounting.org/glossary/f/#foreign-activities "See paragraph 942-235-S99-1, Regulation S-X Rule 9-05(c)(1), for the definition of foreign activities for purposes of Regulation S-X Rule 9-05.") include loans and other revenues producing assets and transactions in which the debtor or customer, whether an affiliated or unaffiliated person, is domiciled outside the United States. - (2) The term [revenue](https://asc.understandingaccounting.org/glossary/r/#revenue "See paragraph 942-235-S99-1, Regulation S-X Rule 9-05(c)(2), for the definition of revenue for purposes of Regulation S-X Rule 9-05.") includes the total of the amount reported at §§ 210.9-04.5 and 210.9-04.13. - (3) A [significant geographic area](https://asc.understandingaccounting.org/glossary/s/#significant-geographic-area "See paragraph 942-235-S99-1, Regulation S-X Rule 9-05(c)(3), for the definition of significant geographic area for purposes of Regulation S-X Rule 9-05.") is one in which assets or revenue or income before income tax or net income exceed 10 percent of the comparable amount as reported in the financial statements. - \[48 FR 11107, Mar. 16, 1983, as amended at 83 FR 50205, Oct. 4, 2018\] ##### [235-942-S99-2](https://asc.understandingaccounting.org/asc/235/942/#235-942-S99-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:07.394Z to 2026-09-09T23:16:07.394Z Record version: sha256:8a9b5d5c4e49aa09fc818f378fe7e1fc0d17842e130ace40546e061aa0406659 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of Regulation S-X Rule 9-06, Condensed Financial Information of Registrant (17 CFR 210.9-06). - The information prescribed by § 210.12-04 shall be presented in a note to the financial statements when the restricted net assets (§ 210.1-02(dd)) of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. The investment in and indebtedness of and to bank subsidiaries shall be stated separately in the condensed balance sheet from amounts for other subsidiaries; the amount of cash dividends paid to the registrant for each of the last three years by bank subsidiaries shall be stated separately in the condensed statement of comprehensive income from amounts for other subsidiaries. \[83 FR 50205, Oct. 4, 2018\] Source downloaded (UTC): 2026-09-09T23:16:09.715Z to 2026-09-09T23:16:20.080Z Record version: sha256:11f51c01b1a57b21fefa81d9caed68685ae1dbc8c1a887967bb559583ee46ecd Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-944: Notes to Financial Statements — Financial Services—Insurance Source downloaded (UTC): 2026-09-09T23:16:09.715Z to 2026-09-09T23:16:09.715Z Record version: sha256:6e13c785fa3c8b3a91c1f774753002caa8f1ea8c0fbb282d262c9885a72d8680 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-944-S00: SEC 00 Status [Read section](https://asc.understandingaccounting.org/asc/235/944/#sec-00-status) SEC content: yes ##### [235-944-S00-1](https://asc.understandingaccounting.org/asc/235/944/#235-944-S00-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:09.715Z to 2026-09-09T23:16:09.715Z Record version: sha256:19c86bbd8f73d48a079cde6efa8cdf80a75953217c7c9e281257f6a13c1b3350 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
944-235-S99-1 through S99-3
AmendedAccounting Standards Update No. 2019-0707/26/2019
Source downloaded (UTC): 2026-09-09T23:16:13.462Z to 2026-09-09T23:16:13.462Z Record version: sha256:8b4675cea22cadbe704b2086be20c0238eebe36a567028f5821bcb89f085a669 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-944-S50: SEC 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/235/944/#sec-50-disclosure) SEC content: yes #### Supplemental Schedules ##### [235-944-S50-1](https://asc.understandingaccounting.org/asc/235/944/#235-944-S50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:13.462Z to 2026-09-09T23:16:13.462Z Record version: sha256:5e54419881c92679b35becaf5f623c236f477585b1b60727cfaf7f0003269cf0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [946-320-S99-7](https://asc.understandingaccounting.org/asc/320/946/#320-946-S99-7), Regulation S-X Rule 12-15, for the requirements of Schedule I—Summary of Investments—Other than Investments in Related Parties. ##### [235-944-S50-2](https://asc.understandingaccounting.org/asc/235/944/#235-944-S50-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:13.462Z to 2026-09-09T23:16:13.462Z Record version: sha256:442fa0c6711c0362eb13526aaa9eeb3f987951b2e5555e616107a13c7f5fcb8e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [235-10-S99-3](https://asc.understandingaccounting.org/asc/235/10/#235-10-S99-3), Regulation S-X Rule 12-04, for the requirements of Schedule II—Condensed Financial Information of Registrant. ##### [235-944-S50-3](https://asc.understandingaccounting.org/asc/235/944/#235-944-S50-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:13.462Z to 2026-09-09T23:16:13.462Z Record version: sha256:f7a5a7d1433c5d2f37abe32bcab13672b4e1549d6a7f96989597f36ee4711369 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [944-235-S99-1](https://asc.understandingaccounting.org/asc/235/944/#235-944-S99-1), Regulation S-X Rule 12-16, for the requirements of Schedule III—Supplementary Insurance Information. ##### [235-944-S50-4](https://asc.understandingaccounting.org/asc/235/944/#235-944-S50-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:13.462Z to 2026-09-09T23:16:13.462Z Record version: sha256:bdca96cc5bdb4f7f4efb7210901168a7ce4fe1931d88b00da0950b9e98943431 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [944-235-S99-2](https://asc.understandingaccounting.org/asc/235/944/#235-944-S99-2), Regulation S-X Rule 12-17, for the requirements of Schedule IV—Reinsurance ##### [235-944-S50-5](https://asc.understandingaccounting.org/asc/235/944/#235-944-S50-5) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:13.462Z to 2026-09-09T23:16:13.462Z Record version: sha256:2beed08698178c28af3afad71212381ae720f9ecec10cf2aaf2466c7a1a9a315 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [235-10-S99-4](https://asc.understandingaccounting.org/asc/235/10/#235-10-S99-4), Regulation S-X Rule 12-09, for the requirements of Schedule V—Valuation and Qualifying Accounts. ##### [235-944-S50-6](https://asc.understandingaccounting.org/asc/235/944/#235-944-S50-6) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:13.462Z to 2026-09-09T23:16:13.462Z Record version: sha256:846c943c1e493645733732704f7320008c244e34d03982df19775b9267c9af61 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [944-235-S99-3](https://asc.understandingaccounting.org/asc/235/944/#235-944-S99-3), Regulation S-X Rule 12-18, for the requirements of Schedule VI—Supplemental Information Concerning Property-Casualty Insurance Operations. Source downloaded (UTC): 2026-09-09T23:16:20.080Z to 2026-09-09T23:16:20.080Z Record version: sha256:2526de10717ab227b3506922a9ffd7ca013d542ba2aef7b0a3446aa4657cacea Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-944-S99: SEC 99 SEC Materials [Read section](https://asc.understandingaccounting.org/asc/235/944/#sec-99-sec-materials) SEC content: yes #### SEC Rules, Regulations, and Interpretations ##### [235-944-S99-1](https://asc.understandingaccounting.org/asc/235/944/#235-944-S99-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:20.080Z to 2026-09-09T23:16:20.080Z Record version: sha256:2d947051f7bb0aa9e9e5cb29e48408025754b8f286a146b0b0b01dcf8fe6867a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of Regulation S-X Rule 12-16, Supplementary Insurance Information (17 CFR 210.12-16). - ![](https://asc.understandingaccounting.org/asc-img/GUID-BD963DBB-F268-4EAF-911C-23DB1FA0720E-low.gif) Reg. § 210.12-16 Supplementary Insurance Information \[For insurance companies\] Column A Column B Column C Column D Column E Column F Column G Column H Column I Column J Column K Segment1 Deferred policy acquisition cost (caption 7) "Future policy benefits, losses, claims and loss expenses (caption 13-a-1) " Unearned premiums (caption 13-a-2) " Other policy claims and benefits payable (caption 13-a-3) " Premium revenue (caption 1) Net investment income (caption 2)3 "Benefits claims, losses and settlement expenses (caption 5) " Amortiza-tion of deferred policy acquisition cost4 "Other operating expenses3,4" Premiums written2 Total 5 1 Segments shown should be the same as those presented in the footnote disclosures called for by generally accepted accounting principles. 2 "Does not apply to life insurance or title insurance. This amount should include premiums from reinsurance assumed, and be net of premiums on reinsurance ceded." 3 "State the basis for allocation of net investment income and, where applicable, other operating expenses." 4 The total of columns I and J should agree with the amount shown for statement of comprehensive income caption 7. 5 "Totals should agree with the indicated balance sheet and statement of comprehensive income caption amounts, where a caption number is shown." \[46 FR 54338, Nov. 2, 1981, as amended at 57 FR 45293, Oct. 1, 1992; 64 FR 1734, Jan. 12, 1999; 83 FR 50208, Oct. 4, 2018\] ##### [235-944-S99-2](https://asc.understandingaccounting.org/asc/235/944/#235-944-S99-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:20.080Z to 2026-09-09T23:16:20.080Z Record version: sha256:218ac518087b7862cc50e83c57d178ce4dfa4c9706135fd08c08570e713c3cc3 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of Regulation S-X Rule 12-17, Reinsurance (17 CFR 210.12-17). - ![](https://asc.understandingaccounting.org/asc-img/GUID-5EF831D7-F428-4660-817B-C8CFC3B2CBEF-low.gif) Reg. § 210.12-17 Reinsurance \[For insurance companies\] Column A Column B Column C Column D Column E Column F Gross amount Ceded to other companies1 "Assumed from other companies" Net amount2 Percentage of amount assumed to net3 Life insurance in force Premiums Life insurance Accident and health insurance Property and liability insurance Title insurance Total premiums 1 Indicate in a note any amounts of reinsurance or coinsurance income netted against premiums ceded. 2 This Column represents the total of column B less column C plus column D. The total premiums in this column should represent the amount of premium revenue on the statement of comprehensive income (or statement of net income if comprehensive income is presented in two separate but consecutive financial statements). 3 Calculated as the amount in column D divided by amount in column E. 3 Calculated as the amount in column D divided by amount in column E. \[46 FR 54338, Nov. 2, 1981, as amended at 83 FR 50208, Oct. 4, 2018\] ##### [235-944-S99-3](https://asc.understandingaccounting.org/asc/235/944/#235-944-S99-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:20.080Z to 2026-09-09T23:16:20.080Z Record version: sha256:0066a00619af82b7c3f95da91c5343d74b9b742ea9357458ece292efd9dd07b7 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of Regulation S-X Rule 12-18, Supplemental Information (for Property-Casualty Insurance Underwriters) (17 CFR 210.12-18). - ![](https://asc.understandingaccounting.org/asc-img/GUID-857E1B02-00BC-417A-B649-833E9EB67EC3-low.gif) Reg. § 210.12-18 Supplemental Information (for property-casualty insurance underwriters) Affiliation with registrant Deferred policy acquisition costs Reserves for unpaid claims and claim adjustment expenses "Discount, if any, deducted in column C4 " Unearned premiums Earned premiums Net investment income Claims and claim adjustment expenses incurred related to Amortiza-tion of deferred policy ac-quisition costs Paid claims and claims adjustment expenses Premiums written "(1) Current Year " "(2) Prior Years" Column A Column B Column C Column D Column E Column F Column G Column H Column I Column J Column K (a) "Consolidated property-casualty entities 2" (b) "Unconsolidated property-casualty subsidiaries 2,3" (c) "Proportionate share of registrant and its subsidiaries' 50%-or-less-owned property-casualty equity investees 2,3" 1 "Information included in audited financial statements, including other schedules, need not be repeated in this schedule. Columns B, C, D and E are as of the balance sheet dates, columns F, G, H, I, J, and K are for the same periods for which statements of comprehensive income are presented in the registrant's audited consolidated financial statements." 2 "Present combined or consolidated amounts, as appropriate for each category, after intercompany eliminations." 3 "Information is not required here for 50%-or-less-owned equity investees that file similar information with the Commission as registrants in their own right, if that fact and the name of the affiliated registrant is stated. If ending reserves in any category (a), (b), or (c) above is less than 5% of the total reserves otherwise required to be reported in this schedule, that category may be omitted and that fact so noted. If the amount of the reserves attributable to 50%-or-less-owned equity investors that file this information as registrants in their own right exceeds 95% of the total category (c) reserves, information for the other 50%-or-less-owned equity investees need not be provided." 4 "Disclose in a footnote to this schedule the rate, or range of rates estimated if necessary, at which the discount was computed for each category." \[49 FR 47599, Dec. 6, 1984, as amended at 83 FR 50208, Oct. 4, 2018\] Source downloaded (UTC): 2026-09-09T23:16:22.805Z to 2026-09-09T23:16:36.179Z Record version: sha256:27f989a5dfddb1c43f3687c11dd3538fd8a72aa8b75cc9c7bbb33f41bb9c095a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-946: Notes to Financial Statements — Financial Services—Investment Companies ### Machine-generated study aids ```json { "summary": "This Subtopic sets the note disclosure requirements for investment companies with complex capital structures — multiple-class funds, master-feeder arrangements, and funds of funds. Multiple-class funds must describe each class, the income/expense and gain/loss allocation method, class-specific fee arrangements, capital share transactions by class, and sales charges paid to affiliates. Feeder funds must describe the master-feeder structure, their percentage ownership of the master, and the master's accounting policies affecting them, while funds of funds must describe the structure and the valuation policy based on investee-reported values.", "key_points": [ "Management investment companies with multiple classes of shares or master-feeder structures apply this disclosure guidance (235-946-50-1).", "Multiple-class funds must disclose a description of each class (sales charges, shareholder servicing fees, distribution fees), the allocation method for income, expenses, and realized/unrealized gains and losses, class-specific distribution plan and affiliate expense arrangements, capital share transactions by class if not shown in the statement of changes in net assets, and total sales charges paid to affiliates by class (235-946-50-2).", "Each feeder fund's notes must give a general description of the master-feeder structure, its percentage ownership of the master at the reporting date, a statement that it invests all investable assets in a corresponding open-end management investment company with the same investment objectives, and a reference to the master's financial statements including the portfolio of investments (235-946-50-3).", "Feeder fund notes must disclose or reference the master fund's accounting policies that affect feeders, such as valuation of the master's investments (235-946-50-3(d)).", "Information on purchases and sales of investments and gross unrealized appreciation/depreciation on a tax basis is not applicable to a feeder's financial statements (235-946-50-3).", "Fund management must consider whether and to what extent disclosure of investee funds' investment policies is appropriate (235-946-50-4).", "A fund of funds must disclose a general description of the fund of funds structure and its valuation policy, noting that values are generally based on information reported by the investee funds (235-946-50-5)." ], "categories": [ "Disclosure", "Industry-specific", "Presentation", "Fair value" ], "audience_level": "intermediate", "student_note": "These disclosures are how readers of a fund's financials figure out which economics belong to which share class or to the master versus the feeder; a common misunderstanding is assuming a feeder must present its own portfolio of investments and tax-basis appreciation data, when the guidance instead directs a reference to the master's statements.", "related_topics": [ "946-10", "946-205", "946-210", "946-320", "820", "235-10" ], "key_concepts": [ "multiple class shares", "master-feeder structure", "fund of funds", "expense allocation method", "distribution plan fees", "capital share transactions", "investment company disclosures", "valuation policy" ] } ``` Source downloaded (UTC): 2026-09-09T23:16:22.805Z to 2026-09-09T23:16:22.805Z Record version: sha256:150a2e5977529447c48b78771436fb70933c57e8e3abe541c849abc6aa529703 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-946-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/235/946/#05-overview-and-background) SEC content: no ##### [235-946-05-1](https://asc.understandingaccounting.org/asc/235/946/#235-946-05-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:22.805Z to 2026-09-09T23:16:22.805Z Record version: sha256:01cca4e35db01c21bbbc806ecb15da1b619d5cac44d85e03fb35a264df0a1601 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic addresses notes to financial statements for investment companies with complex capital structures. Source downloaded (UTC): 2026-09-09T23:16:24.871Z to 2026-09-09T23:16:24.871Z Record version: sha256:281f6474773dbfee7ced104a9bac8f8ac245c5f4293f90bd3ae4bb93fe42adb1 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-946-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/235/946/#15-scope-and-scope-exceptions) SEC content: no #### Overall Guidance ##### [235-946-15-1](https://asc.understandingaccounting.org/asc/235/946/#235-946-15-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:24.871Z to 2026-09-09T23:16:24.871Z Record version: sha256:32678bc13977721306b9ef5630f0a43774878663fd544d88fca7e3a07988df55 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 946-10-15. Source downloaded (UTC): 2026-09-09T23:16:26.652Z to 2026-09-09T23:16:26.652Z Record version: sha256:09ba71ef030b2097723a264a55084aec4f64c57a07016a59c7eef3b8976062b2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-946-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/235/946/#50-disclosure) SEC content: no #### Complex Capital Structures ##### [235-946-50-1](https://asc.understandingaccounting.org/asc/235/946/#235-946-50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:26.652Z to 2026-09-09T23:16:26.652Z Record version: sha256:fbcb52b80c22bc1913cc7302e57639ce311971260c1e8bb08a2375c8f994a618 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Management investment companies that have multiple classes of shares or master-feeder structures shall apply the following disclosure guidance. ##### [235-946-50-2](https://asc.understandingaccounting.org/asc/235/946/#235-946-50-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:26.652Z to 2026-09-09T23:16:26.652Z Record version: sha256:fa7b86d67c7f8ac411a87789eec54d4f07787548e3a07f940aad4118f7a02e90 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Notes to financial statements shall include all of the following: 1. a Description of each class of shares, including sales charges, shareholder servicing fees, and distribution fees 2. b Disclosure of the method used to allocate income and expenses, and realized and unrealized capital gains and losses, to each class 3. c Description of fee arrangements for class-specific distribution plans and for any other class-level expenses paid to affiliates 4. d Disclosure of capital share transactions (if not disclosed separately in the statement of changes in net assets) for each class 5. e Disclosure of total sales charges paid to any affiliates for each class. ##### [235-946-50-3](https://asc.understandingaccounting.org/asc/235/946/#235-946-50-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:26.652Z to 2026-09-09T23:16:26.652Z Record version: sha256:55e9a13d5700993a85b5ec79f7dd50492d013b10b298f93177b56ed459106d79 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Notes to financial statements of each feeder fund shall include all of the following: 1. a A general description of the master and feeder structure 2. b The feeder's percentage ownership share of the particular master fund at the reporting date 3. c A statement that the feeder invests all of its investable assets in a corresponding open-end management investment company having the same investment objectives as the feeder, and a reference to the financial statements of the master fund, including the portfolio of investments 4. d Disclosure of or reference to the accounting policies of the master fund that affect the feeders (such as valuation of investments of the master fund). Information concerning the purchases and sales of investments and gross unrealized appreciation or depreciation of investments on a tax basis is not applicable to the feeder's financial statements. ##### [235-946-50-4](https://asc.understandingaccounting.org/asc/235/946/#235-946-50-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:26.652Z to 2026-09-09T23:16:26.652Z Record version: sha256:abcdc070e9e20a230998c3a1ea6394e1b3cdc18a02dd56243b22f78a3d16fcc0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Fund management shall consider whether, and to what extent, disclosure of the investee funds' investment policies is appropriate. ##### [235-946-50-5](https://asc.understandingaccounting.org/asc/235/946/#235-946-50-5) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:26.652Z to 2026-09-09T23:16:26.652Z Record version: sha256:58d4d861bebaf9290b36f48f755646e66ba3ed17dda5bb5621a5120d5e5b7c19 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Notes to financial statements of the reporting fund shall include both of the following: 1. a A general description of the fund of funds structure 2. b Disclosure of valuation policy-values generally based on information reported by investee funds. Source downloaded (UTC): 2026-09-09T23:16:30.180Z to 2026-09-09T23:16:30.180Z Record version: sha256:aa8d3281c5c3e87e295b7152bc649d8bfd8094c895a94c88b5402127cff5f3c1 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-946-S00: SEC 00 Status [Read section](https://asc.understandingaccounting.org/asc/235/946/#sec-00-status) SEC content: yes ##### [235-946-S00-1](https://asc.understandingaccounting.org/asc/235/946/#235-946-S00-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:30.180Z to 2026-09-09T23:16:30.180Z Record version: sha256:63023ee38b10627d836ae4f37963485bc60d21394a5d37332191c03adbcdccbd Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
946-235-S99-1 through S99-4
AmendedAccounting Standards Update No. 2019-0707/26/2019
Source downloaded (UTC): 2026-09-09T23:16:32.135Z to 2026-09-09T23:16:32.135Z Record version: sha256:a0ccaafa97c37110767916cc78ce93fed3b7dbb8ff513e67bb60cf20fb5ef579 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-946-S50: SEC 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/235/946/#sec-50-disclosure) SEC content: yes #### Qualified Assets ##### [235-946-S50-1](https://asc.understandingaccounting.org/asc/235/946/#235-946-S50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:32.135Z to 2026-09-09T23:16:32.135Z Record version: sha256:1915279127f81d8b3b117a61a27b5c1a9b3fbd0e83b99075da68b0a0f4778fcf Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [946-10-S99-3](https://asc.understandingaccounting.org/asc/946/10/#946-10-S99-3), Regulation S-X Rule 6-03(e), for requirements for disclosures pertaining to qualified assets. #### Restricted Securities ##### [235-946-S50-2](https://asc.understandingaccounting.org/asc/235/946/#235-946-S50-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:32.135Z to 2026-09-09T23:16:32.135Z Record version: sha256:a8cdbb10bd2caf71fef402602cb14ffd5d4fbdeafa60ce3a9971447038b853ff Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [946-10-S99-3](https://asc.understandingaccounting.org/asc/946/10/#946-10-S99-3), Regulation S-X, Rule 6-03(f), for required disclosures pertaining to investments in restricted securities. #### Supplemental Schedules ##### [235-946-S50-3](https://asc.understandingaccounting.org/asc/235/946/#235-946-S50-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:32.135Z to 2026-09-09T23:16:32.135Z Record version: sha256:72d834949f37115cdbad2cf7ea0fe7e77f494e6f9a548eec8e741f62cfcca0d6 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [946-235-S99-1](https://asc.understandingaccounting.org/asc/235/946/#235-946-S99-1), Regulation S-X Rule 12-24, for the requirements of Schedule IV—Real Estate Owned and Rental Income for face-amount certificate companies. ##### [235-946-S50-4](https://asc.understandingaccounting.org/asc/235/946/#235-946-S50-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:32.135Z to 2026-09-09T23:16:32.135Z Record version: sha256:54ac65053c7813b0cd96222e5d1be70ebd37a4759b70fcb7c4a407b8eafeadbb Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [946-235-S99-2](https://asc.understandingaccounting.org/asc/235/946/#235-946-S99-2), Regulation S-X Rule 12-25, for the requirements of the Supplementary Profit and Loss Information. ##### [235-946-S50-5](https://asc.understandingaccounting.org/asc/235/946/#235-946-S50-5) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:32.135Z to 2026-09-09T23:16:32.135Z Record version: sha256:e9ff0b9aa67e636e22b379cf0a736487b79a844f16c27eb90a6169ad6d5a6b4e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [946-235-S99-3](https://asc.understandingaccounting.org/asc/235/946/#235-946-S99-3), Regulation S-X Rule 12-26, for the requirements of Schedule VI—Certificate Reserves for face-amount certificate issuers. ##### [235-946-S50-6](https://asc.understandingaccounting.org/asc/235/946/#235-946-S50-6) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:32.135Z to 2026-09-09T23:16:32.135Z Record version: sha256:23ebcfca32e944fbd74c01cfd5e07153089e27320d3c6ba1eacb0b0274e7d793 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [946-235-S99-4](https://asc.understandingaccounting.org/asc/235/946/#235-946-S99-4), Regulation S-X Rule 12-27, for the requirements of Schedule V—Qualified Assets on Deposit for face-amount certificate issuers. Source downloaded (UTC): 2026-09-09T23:16:36.179Z to 2026-09-09T23:16:36.179Z Record version: sha256:9ff4fbc0f01353eafbef796483a91c5adcc6aea2555e92f77410e444e7b04fc4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-946-S99: SEC 99 SEC Materials [Read section](https://asc.understandingaccounting.org/asc/235/946/#sec-99-sec-materials) SEC content: yes #### SEC Rules, Regulations, and Interpretations ##### [235-946-S99-1](https://asc.understandingaccounting.org/asc/235/946/#235-946-S99-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:36.179Z to 2026-09-09T23:16:36.179Z Record version: sha256:21a113f10c62832ad58cd095c2bf9dcc51647ccf68c9fdff3cbc5c60d3ab9277 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of Regulation S-X Rule 12-24, Real Estate Owned and Rental Income (17 CFR 210.12-24). - ![](https://asc.understandingaccounting.org/asc-img/GUID-EA77EA42-D24D-4782-B313-35996241C71A-low.gif) Reg. § 210.12-24 Real Estate Owned and Rental Income1 Part 1—Real estate owned at end of period Part 2—Rental Income Column A Column B Column C Column D Column E Column F Column G Column H Column I Column J "List classification of property as indicated below2,3 " Amount of incumbrances Initial cost to company "Cost of improvements, etc. " "Amount at which carried at close of period4,5,6,7 " Reserve for depreciation Rents due and accrued at end of period "Total rental income applicable to period " "Expended for interest, taxes, repairs and expenses " Net income applicable to period Total8 .................... ............... ............... ............... ............... ............... ............... ............... ............... ............... Rent from properties sold during period xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx ............... ................. ............... Total xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx ............... ............... ............... 1 All money columns shall be totaled. 2 "Each item of property included in column E in an amount in excess of $100,000 shall be listed separately." 3 In a separate schedule classify by states in which the real estate owned is located the total amounts in support of columns E and F. 4 "In a footnote to this schedule, furnish a reconciliation, in the following form, of the total amount at which real estate was carried at the beginning of the period with the total amount shown in column E: Balance at beginning of period ............................................................................................................ $ Additions during period: Acquisitions through foreclosure ..................................................... $ Other acquisitions ......................................................................... Improvements, etc. ........................................................................ Other (describe) ................................................................................. Deductions during period: Cost of real estate sold ................................................................... $ Other (describe) ............................................................................. Balance at close of period .................................................................................................................... $ If additions, except acquisitions through foreclosure, represent other than cash expenditures, explain. If any of the changes during the period result from transactions, directly or indirectly, with affiliates, explain and state the amount of any intercompany gain or loss." 5 "If any item of real estate investments has been written down or reserved against pursuant to § 210.6-03(d), describe the item and explain the basis for the write-down or reserve." 6 State in a footnote to column E the aggregate cost for Federal income tax purposes. 7 The amount of all intercompany profits included in the total of column E shall be stated if material. 8 Summarize the aggregate amounts for each column applicable to § 210.6-06(1) and 6-06(5)(a). \[16 FR 348, Jan. 13, 1951, as amended at 16 FR 2655, Mar. 24, 1951. Redesignated at 45 FR 63679, Sept. 25, 1980; 83 FR 50208, Oct. 4, 2018\] ##### [235-946-S99-2](https://asc.understandingaccounting.org/asc/235/946/#235-946-S99-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:36.179Z to 2026-09-09T23:16:36.179Z Record version: sha256:7279d85ad7908049bf36ea904a73d99ea39ac480758cc554bac56a8244aed689 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of Regulation S-X Rule 12-25, Supplementary Profit and Loss Information (17 CFR 210.12-25). - ![](https://asc.understandingaccounting.org/asc-img/GUID-EA980EF9-5DB7-479F-9436-E06AC08CF593-low.gif) Reg. § 210.12-25 Supplementary Profit and Loss Information Column A Column B Column C Column D Item1 Charged to investment expense " Charged to other accounts" Total "(1) Amount" "(2) Amount" 1. "Legal expenses (including those in connection with any matter, measure or proceeding before legislative bodies,officers or government departments)" ……………… ………… …………. ………………………… 2. Advertising publicity .................... ............. .............. .................................. 3. Sales promotion2 .................... ............. ............... ................................... 4. "Payments directly and indirectly to trade associations and service organizations, and contributions to other organization" ………………. ………... …………... …………………………. 1 Amounts resulting from transactions with affiliates shall be stated separately. 2 State separately each category of expense representing more than 5 percent of the total expense shown under this item. ##### [235-946-S99-3](https://asc.understandingaccounting.org/asc/235/946/#235-946-S99-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:36.179Z to 2026-09-09T23:16:36.179Z Record version: sha256:32fe3753a815a3185efbb182f72c23b1ab3b17bf3a72c8c72f9e38c1bff994d4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of Regulation S-X Rule 12-26, Certificate Reserves (17 CFR 210.12-26). - ![](https://asc.understandingaccounting.org/asc-img/GUID-2E197297-C957-4E22-8028-4EB24862612D-low.gif) Reg. § 210.12-26 Certificate Reserves Column A Column B Column C Column D Column E Balance at beginning of period Additions Deductions Balance at close of period Description1 (1) (2) (3) (1) (2) (3) (1) (2) (3) (1) (2) (3) Number of accounts with security bidders Amount of maturity value Amount of reserves2 Charged to profit and loss or income Reserve payments by certificate holders Charged to other accounts-describe Maturities Cash surrenders prior to maturity "Other— describe" Number of accounts with security holders Amount of maturity value Amount of reserves2 1 "(a) Each series of certificates shall be stated separately. The description shall include the yield to maturity on an annual payment basis. (b) For certificates of the installment type, information required by columns B, D (2) and (3) and E shall be given by age groupings, according to the number of months paid by security holders, grouped to show those upon which 1-12 monthly payments have been made, 13-24 payments, etc." 2 "(a) If the total of the reserves shown in these columns differs from the total of the reserves per the accounts, there should be stated (i) the aggregate difference and (ii) the difference on a $1,000 face-amount certificate basis. (b) There shall be shown by footnote or by supplemental schedule (i) the amounts periodically credited to each class of security holders' accounts from installment payments and (ii) such other amounts poetically credited to accumulate the maturity amount of the certificate. Such information shall be stated on a $1,000 face-amount certificate basis for the term of the certificate." ##### [235-946-S99-4](https://asc.understandingaccounting.org/asc/235/946/#235-946-S99-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:36.179Z to 2026-09-09T23:16:36.179Z Record version: sha256:d68051f7684de911d831d66f563fd3f0e46b828c596f0ba35f752eb97c37611f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of Regulation S-X Rule 12-27, Qualified Assets on Deposit (17 CFR 210.12-27). - ![](https://asc.understandingaccounting.org/asc-img/GUID-35F2E0D2-5B8F-4F0E-B6A2-5BB3D65F330B-low.gif) Reg. § 210.12-27 Qualified Assets on Deposit1 Column A Column B Column C Column D Column E Column F Name of depositary2 Cash Investments in securities First mortgages and other first liens on real estate Other Total3 1 All money columns shall be totaled. 2 "Classify names of individual depositaries under group headings, such as banks and states." 3 Total of column F shall agree with note required by § 210.6-06(4) as to total amount of qualified Assets on Deposit. \[59 FR 65637, Dec. 20, 1994, as amended at 83 FR 50208, Oct. 4, 2018\] Source downloaded (UTC): 2026-09-09T23:16:40.155Z to 2026-09-09T23:16:40.155Z Record version: sha256:145426a85e1d6b77e229625bcefeadd22041f5df00895ab4372b90b4a788116a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-962: Notes to Financial Statements — Plan Accounting—Defined Contribution Pension Plans Source downloaded (UTC): 2026-09-09T23:16:40.155Z to 2026-09-09T23:16:40.155Z Record version: sha256:bd3a72f11046717d18af930cd2be189e96d68f7dd27576a5a29fd9c4ea42ebf6 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-962-S50: SEC 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/235/962/#sec-50-disclosure) SEC content: yes #### Employee Stock Purchase, Savings, and Similar Plans ##### [235-962-S50-1](https://asc.understandingaccounting.org/asc/235/962/#235-962-S50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:40.155Z to 2026-09-09T23:16:40.155Z Record version: sha256:06ce9227db673ce647cc12e92720a0d2480bcad4ee4f2b044ad1ee039c21ecda Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [962-205-S99-1](https://asc.understandingaccounting.org/asc/205/962/#205-962-S99-1), Regulation S-X Rule 6A-02, for required footnote disclosure pertaining to employee stock purchase, savings, and similar plans. Source downloaded (UTC): 2026-09-09T23:16:43.120Z to 2026-09-09T23:16:53.919Z Record version: sha256:dafc81293e4a4e326707e2695ccd7037e001e3f0cbce3cd72e59cfba233f5f3a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-972: Notes to Financial Statements — Real Estate—Common Interest Realty Associations ### Machine-generated study aids ```json { "summary": "This Subtopic sets the note disclosure requirements unique to common interest realty associations (CIRAs) — condominiums, homeowners associations, cooperative housing corporations, and time-share associations. Beyond ordinary GAAP disclosures, a CIRA must describe its legal form and the entity it serves, developer services/subsidies and developer-owned units, the proposed use of special assessment funds, and any assessments used for undesignated purposes (235-972-50-1). It must also disclose its funding for future major repairs and replacements (235-972-50-2) and present cost estimates for those repairs and replacements as unaudited supplementary information (235-972-50-3).", "key_points": [ "Notes must disclose the CIRA's legal form (corporation or association), the form of the entity served (condominium, homeowners association, cooperative), areas it controls, and the number of units — cooperatives may substitute number of shares and time-share associations number of weeks (235-972-50-1(a)).", "Disclosure is required of services (such as maintenance) and subsidies provided by the developer and the number of units (shares/weeks) owned by the developer (235-972-50-1(b) through (c)).", "The proposed use of funds collected in special assessments, and any assessments used for purposes other than those for which they were designated, must be disclosed (235-972-50-1(d) through (e)).", "Funding disclosures for future major repairs and replacements must cover statutory, governing-document, mortgage or governmental accumulation requirements and compliance with them, the funding policy and compliance with it, a statement that funds are accumulated on estimated costs and that actual expenditures may vary materially, amounts assessed in the current period, and whether a study of remaining useful lives and future costs was conducted (235-972-50-2).", "A CIRA that funds future major repairs and replacements by special assessments or borrowings when needs occur must disclose that information (235-972-50-2).", "Estimates of current or future costs of major repairs and replacements of existing components (e.g., roofs) — including amounts required, methods, basis and assumptions about interest and inflation, sources, and study dates — are disclosed as unaudited supplementary information; no professional engineer's study is required, and estimates may be made by the board or licensed contractors (235-972-50-3(a)).", "The supplementary presentation must list components to be repaired and replaced, their estimated remaining useful lives, estimated current or future replacement costs, and funds accumulated for each to the extent designated by the board (235-972-50-3(b))." ], "categories": [ "Disclosure", "Industry-specific", "Presentation" ], "audience_level": "intermediate", "student_note": "This is a narrow industry disclosure package: the common trap is treating the replacement-reserve cost estimates as audited note disclosure when 235-972-50-3 makes them unaudited supplementary information, and assuming a professional engineering study is mandatory (it is not).", "related_topics": [ "972-10", "972-235", "972-605", "235-10", "972-360" ], "key_concepts": [ "common interest realty association", "future major repairs and replacements", "special assessments", "developer subsidies", "funding policy disclosure", "unaudited supplementary information", "remaining useful lives of common property", "designated funds" ] } ``` Source downloaded (UTC): 2026-09-09T23:16:43.120Z to 2026-09-09T23:16:43.120Z Record version: sha256:97497339610934b070ecf94b5c8d563c27041b12f4ed40215268ffbf534838ce Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-972-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/235/972/#00-status) SEC content: no ##### [235-972-00-1](https://asc.understandingaccounting.org/asc/235/972/#235-972-00-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:43.120Z to 2026-09-09T23:16:43.120Z Record version: sha256:ef4c88512fb3aca251e7b02437abcc00c0fe937e51f23419496de4b824474f17 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
972-235-50-1AmendedAccounting Standards Update No. 2014-0905/28/2014
Source downloaded (UTC): 2026-09-09T23:16:44.908Z to 2026-09-09T23:16:44.908Z Record version: sha256:6da34ac89122837eb934b27da761d59d8ba795198462d8e1d82d488d1db279a7 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-972-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/235/972/#05-overview-and-background) SEC content: no ##### [235-972-05-1](https://asc.understandingaccounting.org/asc/235/972/#235-972-05-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:44.908Z to 2026-09-09T23:16:44.908Z Record version: sha256:e432bd1dc9813f9de4c12319d4e9be6ec420ffd037352aa13422e59a8ebcf995 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic addresses disclosure requirements for [common interest realty associations](https://asc.understandingaccounting.org/glossary/c/#common-interest-realty-association "An association, also known as a community association, responsible for the governance of the common interest community, for which it was established to serve. A common interest realty association is generally funded by its members via periodic assessments by the common interest realty association so that it can perform its duties, which include management services and maintenance, repair, and replacement of the common property, among other duties established in the governing documents and by state statute."). Subtopic-specific disclosure requirements are included within the respective Subtopics. Source downloaded (UTC): 2026-09-09T23:16:46.780Z to 2026-09-09T23:16:46.780Z Record version: sha256:29d41bb3bfe33e7d78ceda2f669b7a46a71aa5756b7db542a56059c29b795d18 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-972-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/235/972/#15-scope-and-scope-exceptions) SEC content: no #### Overall Guidance ##### [235-972-15-1](https://asc.understandingaccounting.org/asc/235/972/#235-972-15-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:46.780Z to 2026-09-09T23:16:46.780Z Record version: sha256:199f78c89af27d5c19aa12a41d9c54399c866319f2388953835d08c76a661649 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 972-10-15. Source downloaded (UTC): 2026-09-09T23:16:53.919Z to 2026-09-09T23:16:53.919Z Record version: sha256:51b5e3d61533117cff3f8497f3b03240ae6e1dbee1d3e0c39c07c71c7f591d8b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 235-972-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/235/972/#50-disclosure) SEC content: no ##### [235-972-50-1](https://asc.understandingaccounting.org/asc/235/972/#235-972-50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:53.919Z to 2026-09-09T23:16:53.919Z Record version: sha256:d83deeeac93f96efb1242ed86fdac4f8490689e6b439821a0feb176846dc60ec Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. In addition to disclosures required by generally accepted accounting principles (GAAP) for other entities, the notes to a [common interest realty association's](https://asc.understandingaccounting.org/glossary/c/#common-interest-realty-association "An association, also known as a community association, responsible for the governance of the common interest community, for which it was established to serve. A common interest realty association is generally funded by its members via periodic assessments by the common interest realty association so that it can perform its duties, which include management services and maintenance, repair, and replacement of the common property, among other duties established in the governing documents and by state statute.") financial statements shall also include disclosures about all of the following: 1. a The common interest realty association's legal form (corporation or [association](https://asc.understandingaccounting.org/glossary/a/#association "An organization of unit owners responsible for the operation, administration, and management of the common property. Generally, a not-for-profit corporation with membership of all owners.")) and that of the entity for which it provides services (for example, [condominium](https://asc.understandingaccounting.org/glossary/c/#condominium "A form of ownership of real property that combines exclusive ownership of a defined space and an undivided interest in the common elements. (Also referred to as a condo.) A common interest realty association is not a condominium unless the undivided interests in the common elements are vested in the unit owners."), [homeowners association](https://asc.understandingaccounting.org/glossary/h/#homeowners-association "See Association."), cooperative), areas it controls, and the number of units. (In place of the number of units, [cooperative housing corporations](https://asc.understandingaccounting.org/glossary/c/#cooperative-housing-corporation "Also referred to as a coop, a cooperative housing corporation is an entity established as a corporation that owns the real estate, usually a multi-unit dwelling, and all improvements on it and is responsible for its maintenance and payment of debt service. Ownership in the corporation is evidenced by shares of stock owned by tenant-shareholders who are entitled to occupy a unit under a proprietary lease. The individual ownership interests in most cooperatives are structured as personal property interests, but some are structured as real property interests.") may disclose the number of shares and time-share associations may disclose the number of weeks.) 2. b Services (such as maintenance) and subsidies provided by the developer 3. c The number of units (shares for cooperative housing corporations and weeks for time-share associations) owned by the developer 4. d The proposed use for funds collected in special assessments 5. e Assessments that were used for purposes other than those for which they were designated. #### Future Major Repairs and Replacements ##### [235-972-50-2](https://asc.understandingaccounting.org/asc/235/972/#235-972-50-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:53.919Z to 2026-09-09T23:16:53.919Z Record version: sha256:8a2a6ba95ec281e620a2523756b2612c92c0e26bcab6b31afba71de13ed9754b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. A common interest realty association shall disclose information in its notes to financial statements about its funding for future major repairs and replacements. Disclosures about such funding shall include all of the following: 1. a Requirements, if any, in statutes or the common interest realty association's documents (or mortgage or governmental bodies funding requirements, for example, Federal Housing Administration often has such requirements) to accumulate funds for future major repairs and replacements and the common interest realty association's compliance or lack of compliance with them 2. b A description of the common interest realty association's funding policy, if any, and compliance with that policy 3. c A statement that funds, if any, are being accumulated based on estimated future (or current) costs, that actual expenditures may vary from these estimates, and that the variations may be material 4. d Amounts assessed for major repairs and replacements in the current period, if any 5. e A statement indicating whether a study was conducted to estimate the remaining useful lives of [common property](https://asc.understandingaccounting.org/glossary/c/#common-property "A common interest realty association's real or personal property to which title or other evidence of ownership is held by either: Individual members in common The common interest realty association directly.") components and the costs of future major repairs and replacements. Common interest realty associations that fund future major repairs and replacements by special assessments or borrowings when needs occur shall disclose that information. #### Required Supplementary Information ##### [235-972-50-3](https://asc.understandingaccounting.org/asc/235/972/#235-972-50-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:16:53.919Z to 2026-09-09T23:16:53.919Z Record version: sha256:e9296d0ce2ba275ba3dbdf8cdba6fbb7570f84dee22604502ea0c5c98550f0b6 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Common interest realty associations shall disclose the following as unaudited supplementary information: 1. a Estimates of current or future costs of future major repairs and replacements of all existing components, such as roofs, including estimated amounts required, methods used to determine the costs, the basis for calculations (including assumptions, if any, about interest and inflation rates), sources used, and the dates of studies, made for this purpose, if any. There is no requirement for common interest realty associations to obtain studies prepared by professional engineers. The estimates may be made by the board of directors or estimates obtained from licensed contractors. 2. b A presentation of components to be repaired and replaced, estimates of the remaining useful lives of those components, estimates of current or future replacement costs, and amounts of funds accumulated for each to the extent designated by the board.