ASC

ASC 270-932

Extractive Activities—Oil and Gas

270 Interim Reporting

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In brief

IntermediateDisclosureIndustry-specificPresentation

This Subtopic addresses interim reporting for oil- and gas-producing entities. Its core rule is that the extensive oil and gas disclosures required by Subtopic 932-235 (reserve quantity and standardized measure disclosures) need not be repeated in interim financial reports, but interim reports must disclose a major discovery or other favorable or adverse event that significantly changes the reserve information reported in the most recent annual financial report.

Key points (4)
  • The Subtopic is limited to interim reporting issues for the oil and gas industry and otherwise follows the scope of Section 932-10-15 (270-932-15-1; 270-932-15-2).
  • The disclosures set forth in Subtopic 932-235 are not required in interim financial reports (270-932-50-1).
  • Interim financial reports shall nevertheless include information about a major discovery or other favorable or adverse event causing a significant change from the reserve quantity information in the most recent annual financial report (270-932-50-1).
  • The trigger for interim disclosure is a significant change relative to the most recent annual report, not a routine periodic update of reserve estimates (270-932-50-1).

For students. Short but testable: students often assume the full 932-235 reserve and standardized-measure disclosures must be repeated quarterly; they need not be, yet a major discovery or other significant adverse/favorable reserve event still triggers interim disclosure.

interim financial reportsoil and gas reserve quantitiesmajor discoverysignificant change disclosureextractive activitiesannual disclosure relief

Machine-generated study aid for ASC 270-932. Check the source paragraphs below.

270-932-05Overview and Background

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270-932-05-1
This Subtopic addresses interim reporting issues specific to the oil and gas industry.

270-932-15Scope and Scope Exceptions

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Overall Guidance

270-932-15-1
This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 932-10-15 with transaction exceptions noted below.

Transactions

270-932-15-2
The guidance in this Subtopic is limited to interim reporting issues only.

270-932-50Disclosure

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270-932-50-1
The disclosures set forth in Subtopic 932-235 are not required in interim financial reports. However, interim financial reports shall include information about a major discovery or other favorable or adverse event that causes a significant change from the information presented in the most recent annual financial report concerning oil and gas reserve quantities.

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