{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/360/932/#50-disclosure","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.","topic":"360","topic_title":"Property, Plant, and Equipment","subtopic":"360-932","subtopic_title":"Extractive Activities—Oil and Gas","section":{"number":"50","label":"50 Disclosure","anchor":"50-disclosure","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"360-932-50-1","para":"50-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">Section <a altsource=\"GUID-2077D1C3-B3A4-4945-9930-C7D443E98535.ditamap\" class=\"ditamap\">932-235-50</a> provides various disclosure requirements for oil and gas <a href=\"/glossary/p/#properties\" class=\"term\" title=\"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.\"><span>properties</span></a>, including:<ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\"><a href=\"/glossary/p/#proved-oil-and-gas-reserves\" class=\"term\" title=\"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.\"><span>Proved oil and gas reserve</span></a> quantities (see paragraphs <a href=\"/asc/235/932/#235-932-50-3\" class=\"xref\">932-235-50-3 through 50-11B</a>)</div></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\">Capitalized costs (see paragraphs <div class=\"xref-range displayInline\"><a href=\"/asc/235/932/#235-932-50-12\" class=\"xref\">932-235-50-12 through 50-15</a></div>)</div></li><li class=\"li-norm\"><span class=\"linum\">c</span><div class=\"p\">Continued capitalization (see paragraph <a href=\"/asc/235/932/#235-932-50-1B\" class=\"xref\">932-235-50-1B</a>)</div></li><li class=\"li-norm\"><span class=\"linum\">d</span><div class=\"p\">Costs incurred for property acquisition <a href=\"/glossary/e/#exploration\" class=\"term\" title=\"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.\"><span>exploration</span></a> and development activities (see paragraphs <div class=\"xref-range displayInline\"><a href=\"/asc/235/932/#235-932-50-17\" class=\"xref\">932-235-50-17 through 50-20</a></div>)</div></li><li class=\"li-norm\"><span class=\"linum\">e</span><div class=\"p\">Standardized measure of discounted future cash flows (see paragraphs <div class=\"xref-range displayInline\"><a href=\"/asc/235/932/#235-932-50-29\" class=\"xref\">932-235-50-29 through 50-33</a></div>)</div></li><li class=\"li-norm\"><span class=\"linum\">f</span><div class=\"p\">Change in standardized discounted cash flows (see paragraphs <div class=\"xref-range displayInline\"><a href=\"/asc/235/932/#235-932-50-34\" class=\"xref\">932-235-50-34 through 50-36</a></div>).</div></li></ol></div> </div>","snippet":"Section 932-235-50 provides various disclosure requirements for oil and gas properties, including:\n(a) Proved oil and gas reserve quantities (see paragraphs 932-235-50-3 through 50-11B)\n(b) Capitalized costs (see paragra…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9c3bb522d259f330785b09bc2cddb2dd256ca0936899b030e6e574afc5857c22","downloaded_from":"2026-09-10T00:09:08.918Z","last_downloaded_at":"2026-09-10T00:09:08.918Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478810","source_sha256":"222eaf7620361b61882b9a94035ed0bb6dffba0f0393720ae0b667b03b33ef4b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a3c603b56c040eefc846d87683f4f51f4d9acbc6f2a37f91da601b5c9d98da15","downloaded_from":"2026-09-10T00:09:08.918Z","last_downloaded_at":"2026-09-10T00:09:08.918Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478810","source_sha256":"222eaf7620361b61882b9a94035ed0bb6dffba0f0393720ae0b667b03b33ef4b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ae9d588603a0a56677695e5a104a1880a9b1dc9fad05a14050bb3b28ee18f6fd","downloaded_from":"2026-09-10T00:09:08.918Z","last_downloaded_at":"2026-09-10T00:09:08.918Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478810","source_sha256":"222eaf7620361b61882b9a94035ed0bb6dffba0f0393720ae0b667b03b33ef4b"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ae9d588603a0a56677695e5a104a1880a9b1dc9fad05a14050bb3b28ee18f6fd","downloaded_from":"2026-09-10T00:09:08.918Z","last_downloaded_at":"2026-09-10T00:09:08.918Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478810","source_sha256":"222eaf7620361b61882b9a94035ed0bb6dffba0f0393720ae0b667b03b33ef4b"}}