# ASC 270-932: Interim Reporting — Extractive Activities—Oil and Gas

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/270/932/)

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): 2026-09-09T23:20:52.218Z to 2026-09-09T23:21:01.066Z

Record version: sha256:375fe0e17363ef874523f6a51986cc4587ab1416b5f1eb6d35948e3dc1df552c

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


## ASC 270-932: Interim Reporting — Extractive Activities—Oil and Gas

### Machine-generated study aids

```json
{
  "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 relief"
  ]
}
```

Source downloaded (UTC): 2026-09-09T23:20:52.218Z to 2026-09-09T23:20:52.218Z

Record version: sha256:e28830c865eafb426e5c4ec3225536499f6ed432ce4c98d2efde7bec033d93bc

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


## ASC 270-932-05: 05 Overview and Background

[Read section](https://asc.understandingaccounting.org/asc/270/932/#05-overview-and-background)

SEC content: no

##### [270-932-05-1](https://asc.understandingaccounting.org/asc/270/932/#270-932-05-1)

Pending content: no

Source downloaded (UTC): 2026-09-09T23:20:52.218Z to 2026-09-09T23:20:52.218Z

Record version: sha256:b1a55dd84256eb4356c1117f0508c268359bc749314bc56aada680bc302f5d8a

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


This Subtopic addresses interim reporting issues specific to the oil and gas industry.

Source downloaded (UTC): 2026-09-09T23:20:54.689Z to 2026-09-09T23:20:54.689Z

Record version: sha256:b5808a64facb61d8a15fecf1a2d92be92b83fbd2ad3d83cceed5777cca66f432

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


## ASC 270-932-15: 15 Scope and Scope Exceptions

[Read section](https://asc.understandingaccounting.org/asc/270/932/#15-scope-and-scope-exceptions)

SEC content: no

#### Overall Guidance

##### [270-932-15-1](https://asc.understandingaccounting.org/asc/270/932/#270-932-15-1)

Pending content: no

Source downloaded (UTC): 2026-09-09T23:20:54.689Z to 2026-09-09T23:20:54.689Z

Record version: sha256:e324039e006762d75477d3ff38980de503d0cb666c3105e70d616b1302d62239

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 with transaction exceptions noted below.

#### Transactions

##### [270-932-15-2](https://asc.understandingaccounting.org/asc/270/932/#270-932-15-2)

Pending content: no

Source downloaded (UTC): 2026-09-09T23:20:54.689Z to 2026-09-09T23:20:54.689Z

Record version: sha256:db6dd74572a41e489235e2debd6db87b79497ac74ea02ccc4f174c122d5ab423

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


The guidance in this Subtopic is limited to interim reporting issues only.

Source downloaded (UTC): 2026-09-09T23:20:58.607Z to 2026-09-09T23:20:58.607Z

Record version: sha256:a702930bfc95cf0cbd75b9e944011ef0ac42a4ac952ac805a6614eae37088e22

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


## ASC 270-932-50: 50 Disclosure

[Read section](https://asc.understandingaccounting.org/asc/270/932/#50-disclosure)

SEC content: no

##### [270-932-50-1](https://asc.understandingaccounting.org/asc/270/932/#270-932-50-1)

Pending content: no

Source downloaded (UTC): 2026-09-09T23:20:58.607Z to 2026-09-09T23:20:58.607Z

Record version: sha256:aa509bc05533ca63d51ca12f6bfa99798e583f7516f6dd9ddd863976acab664b

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


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.