{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/605/932/","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":"605-932","topic":"605","title":"Extractive Activities—Oil and Gas","area":"Revenue","paragraphs":6,"summary":"ASC 605-932 was the oil and gas industry-specific guidance under the legacy revenue recognition model (ASC 605), addressing revenue recognition for extractive activities such as gas balancing arrangements. Every substantive paragraph in the subtopic (05-1, 15-1, 25-2, and 50-1) was superseded by ASU 2014-09, so the subtopic now contains no operative guidance. 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Update</strong></td><td class=\"entry\"><strong class=\"ph b\">Date</strong></td></tr><tr><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td></tr><tr><td class=\"entry\"><a href=\"/asc/605/932/#605-932-05-1\" class=\"xref\">932-605-05-1</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a></td><td class=\"entry\">05/28/2014</td></tr><tr><td class=\"entry\"><a href=\"/asc/605/932/#605-932-15-1\" class=\"xref\">932-605-15-1</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a></td><td class=\"entry\">05/28/2014</td></tr><tr><td class=\"entry\"><a href=\"/asc/605/932/#605-932-25-2\" class=\"xref\">932-605-25-2</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a></td><td class=\"entry\">05/28/2014</td></tr><tr><td class=\"entry\"><a href=\"/asc/605/932/#605-932-50-1\" class=\"xref\">932-605-50-1</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a></td><td class=\"entry\">05/28/2014</td></tr></table></div></div>","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\n932-605-05-1 | Superseded | Accounting Standards Update No. 2014-09 | 05/28/2014 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Every substantive paragraph in the subtopic (05-1, 15-1, 25-2, and 50-1) was superseded by ASU 2014-09, so the subtopic now contains no operative guidance. Oil and gas revenue is instead accounted for under ASC 606, with industry-specific application guidance in ASC 932-606.","key_points":["All content of this subtopic—scope (605-932-15-1), overview (605-932-05-1), recognition (605-932-25-2), and disclosure (605-932-50-1)—was superseded by Accounting Standards Update No. 2014-09.","Paragraph 605-932-25-1 is designated 'not used,' so no recognition rule remains in the subtopic.","Because nothing operative remains, entities in extractive activities—oil and gas cannot rely on ASC 605-932 for revenue recognition; ASC 606 (and 932-606) governs instead.","The subtopic is retained in the Codification only as a historical marker of the legacy model and is relevant chiefly for transition and comparative-period questions."],"categories":["Revenue","Industry-specific","Transition and effective dates","Recognition"],"audience_level":"intermediate","student_note":"Don't cite ASC 605-932 as live guidance—it is entirely superseded by ASU 2014-09; the 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Recognition","score":0.8186,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:494b4cbcdc2f637cb59b58a72a8cfd8a5bea1b73af16b0d1f18cff50f9eba0e3","downloaded_from":"2026-09-10T00:46:43.825Z","last_downloaded_at":"2026-09-10T00:46:55.082Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"225-932","title":"Extractive Activities—Oil and Gas","topic_title":"Income 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