# ASC 605-932: Revenue Recognition — Extractive Activities—Oil and Gas Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/605/932/) 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): 2026-09-10T00:48:32.083Z to 2026-09-10T00:48:46.179Z Record version: sha256:341c176cde978dbaa42fdc052292a23577a1e7bf9a2213d60927cf5eaac8fa03 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-932: Revenue Recognition — Extractive Activities—Oil and Gas ### Machine-generated study aids ```json { "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 Every substantive paragraph in the subtopic (05-1, 15-1, 25-2, and 50-1) was superseded by ASU 2014-09, so the subtopic now contains no operative guidance. 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subtopic—scope (605-932-15-1), overview (605-932-05-1), recognition (605-932-25-2), and disclosure (605-932-50-1)—was superseded by Accounting Standards Update No. 2014-09.", "Paragraph 605-932-25-1 is designated 'not used,' so no recognition rule remains in the subtopic.", "Because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], "audience_level": "intermediate", "student_note": "Don't cite ASC 605-932 as live guidance—it is entirely superseded by ASU 2014-09; the common mistake is assuming industry-specific oil and gas revenue rules (like gas balancing) survived the move to ASC 606 rather than being folded into the five-step model and ASC 932-606.", "related_topics": [ "606", "932-606", "605", "340-40", "932" ], "key_concepts": [ "superseded guidance", "legacy revenue recognition", "oil and gas revenue", "extractive activities", "industry-specific revenue guidance" ] } ``` Source downloaded (UTC): 2026-09-10T00:48:32.083Z to 2026-09-10T00:48:32.083Z Record version: sha256:c43d036b6a5881b0cc70adda40bc55686d1bfe6b9822f66439de0c365ff646be Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-932-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/605/932/#00-status) SEC content: no ##### [605-932-00-1](https://asc.understandingaccounting.org/asc/605/932/#605-932-00-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:48:32.083Z to 2026-09-10T00:48:32.083Z Record version: sha256:166ef827d8684a661633b03802b461d8a8585e8b5a42a1dbf259e38b06662fa4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.

Paragraph	Action	Accounting Standards Update	Date

932-605-05-1	Superseded	Accounting Standards Update No. 2014-09	05/28/2014
932-605-15-1	Superseded	Accounting Standards Update No. 2014-09	05/28/2014
932-605-25-2	Superseded	Accounting Standards Update No. 2014-09	05/28/2014
932-605-50-1	Superseded	Accounting Standards Update No. 2014-09	05/28/2014

Source downloaded (UTC): 2026-09-10T00:48:35.754Z to 2026-09-10T00:48:35.754Z Record version: sha256:f42adabc0a5f133866c54554d97c502d356dd00dfd01c9c6f9461e8f3c477eaf Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-932-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/605/932/#05-overview-and-background) SEC content: no ##### [605-932-05-1](https://asc.understandingaccounting.org/asc/605/932/#605-932-05-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:48:35.754Z to 2026-09-10T00:48:35.754Z Record version: sha256:965e4f362946b5cba5259707d53272c4548642b2e9b28a527dc42cf8e5b1fc07 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). Source downloaded (UTC): 2026-09-10T00:48:39.780Z to 2026-09-10T00:48:39.780Z Record version: sha256:0dead5f1d9999f4244afb902058ebb8095953881c2124e5a264be800da9d027b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-932-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/605/932/#15-scope-and-scope-exceptions) SEC content: no ##### [605-932-15-1](https://asc.understandingaccounting.org/asc/605/932/#605-932-15-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:48:39.780Z to 2026-09-10T00:48:39.780Z Record version: sha256:7c9528a8464f7ad09a5ed62f76023a33c5daff37f5f7004596fa240d10066dae Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). Source downloaded (UTC): 2026-09-10T00:48:42.782Z to 2026-09-10T00:48:42.782Z Record version: sha256:2abf3a003dd7f8de80aac79e33f099c1d009d91f7678f6fa80261ea693317bf7 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-932-25: 25 Recognition [Read section](https://asc.understandingaccounting.org/asc/605/932/#25-recognition) SEC content: no ##### [605-932-25-1](https://asc.understandingaccounting.org/asc/605/932/#605-932-25-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:48:42.782Z to 2026-09-10T00:48:42.782Z Record version: sha256:63c11853d21cd85e49f4db6ca76a9dec8f7584ade35c6af150caf962a90c3b17 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph not used](https://asc.understandingaccounting.org/updates/page-1833002/). ##### [605-932-25-2](https://asc.understandingaccounting.org/asc/605/932/#605-932-25-2) Pending content: no Source downloaded (UTC): 2026-09-10T00:48:42.782Z to 2026-09-10T00:48:42.782Z Record version: sha256:ad1c741274803ccbebe7f2ba1f75dcded95087e4070c2e7542a77aae65502c55 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). Source downloaded (UTC): 2026-09-10T00:48:46.179Z to 2026-09-10T00:48:46.179Z Record version: sha256:38c1c6538d8ced41dff59a3fc108cd6f6c03317b4fd77756bc6e426aec36855e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-932-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/605/932/#50-disclosure) SEC content: no ##### [605-932-50-1](https://asc.understandingaccounting.org/asc/605/932/#605-932-50-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:48:46.179Z to 2026-09-10T00:48:46.179Z Record version: sha256:e65244978809575c5bbaa4e498063a513dd03e92bfe219ef883c120e16a3a867 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).