# ASC 350-932: Intangibles—Goodwill and Other — Extractive Activities—Oil and Gas

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/350/932/)

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): 2026-09-10T00:04:39.480Z to 2026-09-10T00:04:44.333Z

Record version: sha256:f262385875082b720b53064c0f9567833ab20147df3743fd154698b89b9c7475

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


## ASC 350-932: Intangibles—Goodwill and Other — Extractive Activities—Oil and Gas

### Machine-generated study aids

```json
{
  "summary": "This Subtopic carves oil- and gas-producing entities out of the general intangible asset balance sheet classification and disclosure rules for their drilling and mineral rights. Because the oil and gas accounting framework turns on the level of established reserves rather than on whether an asset is tangible or intangible, the scope exception in 350-10-15-4(b) extends to the disclosure provisions, with disclosure instead governed by Section 932-235-50. Entities may voluntarily provide additional information about drilling and mineral rights but may not analogize this exception to other items in 350-10-15-4.",
  "key_points": [
    "This Subtopic creates an oil and gas industry exception to the general intangible asset disclosure rules (350-932-05-1).",
    "The scope exception in paragraph 350-10-15-4(b) covers both balance sheet classification and disclosures for drilling and mineral rights of oil- and gas-producing entities within the scope of Topic 932 (350-932-50-1).",
    "The rationale is that the oil and gas accounting framework is based on the level of established reserves, not on whether an asset is tangible or intangible (350-932-50-1).",
    "Required disclosures for these rights come from Section 932-235-50, though an entity is not precluded from providing additional information about its drilling and mineral rights (350-932-50-1).",
    "Entities must not analogize this guidance to the other items listed in paragraph 350-10-15-4 (350-932-50-2).",
    "Scope follows the Overall Subtopic scope in Section 932-10-15 (350-932-15-1)."
  ],
  "categories": [
    "Disclosure",
    "Intangibles and goodwill",
    "Industry-specific",
    "Presentation"
  ],
  "audience_level": "intermediate",
  "student_note": "Exam trap: students assume mineral and drilling rights are \"intangible assets\" subject to ASC 350's classification and disclosure rules—for oil and gas producers they are not; look to ASC 932-235-50 instead. Equally important, the exception is narrow and cannot be analogized to other 350-10-15-4 items.",
  "related_topics": [
    "350-10",
    "932-10",
    "932-235",
    "932-360",
    "805-20"
  ],
  "key_concepts": [
    "drilling and mineral rights",
    "oil- and gas-producing entities",
    "scope exception",
    "intangible asset disclosures",
    "established reserves",
    "balance sheet classification",
    "prohibition on analogy"
  ]
}
```

Source downloaded (UTC): 2026-09-10T00:04:39.480Z to 2026-09-10T00:04:39.480Z

Record version: sha256:66a4e65d5e388e2baa87adcbf38694b2cda119e9dbcf742b90f144ebe1bbdfa3

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


## ASC 350-932-05: 05 Overview and Background

[Read section](https://asc.understandingaccounting.org/asc/350/932/#05-overview-and-background)

SEC content: no

##### [350-932-05-1](https://asc.understandingaccounting.org/asc/350/932/#350-932-05-1)

Pending content: no

Source downloaded (UTC): 2026-09-10T00:04:39.480Z to 2026-09-10T00:04:39.480Z

Record version: sha256:edcd5e5a906420607109ebef6f2fe55ba475be9aa8609f82df3a1b46f0811177

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


This Subtopic addresses an exception for the oil and gas industry to the disclosure rules for intangible assets.

Source downloaded (UTC): 2026-09-10T00:04:41.613Z to 2026-09-10T00:04:41.613Z

Record version: sha256:86555cb72fa4d3e7b3b1bf50314dc7138e123c6fd24c5504be072db046f4f2eb

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


## ASC 350-932-15: 15 Scope and Scope Exceptions

[Read section](https://asc.understandingaccounting.org/asc/350/932/#15-scope-and-scope-exceptions)

SEC content: no

#### Overall Guidance

##### [350-932-15-1](https://asc.understandingaccounting.org/asc/350/932/#350-932-15-1)

Pending content: no

Source downloaded (UTC): 2026-09-10T00:04:41.613Z to 2026-09-10T00:04:41.613Z

Record version: sha256:609c18bc56255486553d375c8a24cb30d20e831d709794bde2490fbbee01e615

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): 2026-09-10T00:04:44.333Z to 2026-09-10T00:04:44.333Z

Record version: sha256:a125981de4cdb6ce3b8ccf423bd822748e2925acb20ceaf196f9d529d3dfcb25

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


## ASC 350-932-50: 50 Disclosure

[Read section](https://asc.understandingaccounting.org/asc/350/932/#50-disclosure)

SEC content: no

##### [350-932-50-1](https://asc.understandingaccounting.org/asc/350/932/#350-932-50-1)

Pending content: no

Source downloaded (UTC): 2026-09-10T00:04:44.333Z to 2026-09-10T00:04:44.333Z

Record version: sha256:7a0555e24195ee7444142f6a155ad2179a7e201ff1a355fd46dafc33e6745f42

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


The scope exception in paragraph [350-10-15-4(b)](https://asc.understandingaccounting.org/asc/350/10/#350-10-15-4) includes the balance sheet classification and disclosures for drilling and mineral rights of oil- and gas-producing entities that are within the scope of this Topic. The accounting framework for oil- and gas-producing entities is based on the level of established reserves—not whether an asset is tangible or intangible. Accordingly, the scope exception extends to its disclosure provisions for drilling and mineral rights of oil- and gas-producing entities. However, an entity is not precluded from providing information about its drilling and mineral rights in addition to the information required by Section 932-235-50.

##### [350-932-50-2](https://asc.understandingaccounting.org/asc/350/932/#350-932-50-2)

Pending content: no

Source downloaded (UTC): 2026-09-10T00:04:44.333Z to 2026-09-10T00:04:44.333Z

Record version: sha256:55498133fb0809ed49828ae34d27bcc42e09f6e250ccee9258dc5e71b1b18239

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


Entities should not analogize this guidance to other items listed in paragraph [350-10-15-4](https://asc.understandingaccounting.org/asc/350/10/#350-10-15-4).