{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/270/932/","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","number":"270-932","topic":"270","title":"Extractive Activities—Oil and Gas","area":"Presentation","paragraphs":4,"summary":"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.","concepts":["interim financial reports","oil and gas reserve quantities","major discovery","significant change disclosure","extractive activities","annual disclosure relief"],"categories":["Disclosure","Industry-specific","Presentation"],"level":"intermediate","topic_title":"Interim Reporting","sections":[{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"270-932-05-1","para":"05-1","html":"
This Subtopic addresses interim reporting issues specific to the oil and gas industry.
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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.
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The guidance in this Subtopic is limited to interim reporting issues only.
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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.
","snippet":"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 c…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:aa509bc05533ca63d51ca12f6bfa99798e583f7516f6dd9ddd863976acab664b","downloaded_from":"2026-09-09T23:20:58.607Z","last_downloaded_at":"2026-09-09T23:20:58.607Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478688","source_sha256":"98cb7c5e475856c41d9c1f99223fef2b91f0a1f46e1be4b543f4110cf1719a8f"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2b243ed96ade24b58e6f7bd4a9d5df493df063b28d516bb9ac1eb34bf2d44b70","downloaded_from":"2026-09-09T23:20:58.607Z","last_downloaded_at":"2026-09-09T23:20:58.607Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478688","source_sha256":"98cb7c5e475856c41d9c1f99223fef2b91f0a1f46e1be4b543f4110cf1719a8f"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a702930bfc95cf0cbd75b9e944011ef0ac42a4ac952ac805a6614eae37088e22","downloaded_from":"2026-09-09T23:20:58.607Z","last_downloaded_at":"2026-09-09T23:20:58.607Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478688","source_sha256":"98cb7c5e475856c41d9c1f99223fef2b91f0a1f46e1be4b543f4110cf1719a8f"}}],"enrichment":{"summary":"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":["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)."],"categories":["Disclosure","Industry-specific","Presentation"],"audience_level":"intermediate","student_note":"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.","related_topics":["932-235","932-10","270-10","932-360"],"key_concepts":["interim financial reports","oil and gas reserve quantities","major discovery","significant change disclosure","extractive activities","annual disclosure 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