{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/720/932/#00-status","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":"720","topic_title":"Other Expenses","subtopic":"720-932","subtopic_title":"Extractive Activities—Oil and Gas","section":{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"720-932-00-1","para":"00-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">The following table identifies the changes made to this Subtopic.</div><div class=\"norm-text\"><table class=\"asc-table\" id=\"SL6809350-166187\"><tr><td class=\"entry\"><strong class=\"ph b\">Paragraph</strong></td><td class=\"entry\"><strong class=\"ph b\">Action</strong></td><td class=\"entry\"><strong class=\"ph b\">Accounting Standards 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=\"/glossary/e/#exploratory-well\" class=\"term\" title=\"An exploratory well is a well drilled to find a new field or to find a new reservoir in a field previously found to be productive of oil or gas in another reservoir. Generally, an exploratory well is any well that is not a development well, a service well , or a stratigraphic test well.\"><span>Exploratory Well</span></a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2010-03/\" class=\"xref\">Accounting Standards Update No. 2010-03</a></td><td class=\"entry\">01/06/2010</td></tr><tr><td class=\"entry\"><a href=\"/glossary/p/#production\" class=\"term\" title=\"Production involves lifting the crude oil and natural gas to the surface, extracting saleable hydrocarbons, in the solid, liquid, or gaseous state from oil sands, shale, coalbeds, or other nonrenewable natural resources that are intended to be upgraded into synthetic oil or gas, gathering, treating, field processing (as in the case of processing gas to extract liquid hydrocarbons), and field storage. The oil and gas production function shall be regarded as ending at a terminal point, which is the outlet valve on the lease or field storage tank. If unusual physical or operational circumstances exist, it may be appropriate to regard the terminal point for the production function as: The first point at which oil, gas, or gas liquids, natural or synthetic, are delivered to a main pipeline, a common carrier, a refinery, or a marine terminal In the case of natural resources that are intended to be upgraded into synthetic oil or gas, if those natural resources are delivered to a purchaser before upgrading, the first point at which the natural resources are delivered to a main pipeline, a common carrier, a refinery, a marine terminal, or a facility that upgrades such natural resources into synthetic oil or gas.\"><span>Production</span></a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2010-03/\" class=\"xref\">Accounting Standards Update No. 2010-03</a></td><td class=\"entry\">01/06/2010</td></tr><tr><td class=\"entry\"><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></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2010-03/\" class=\"xref\">Accounting Standards Update No. 2010-03</a></td><td class=\"entry\">01/06/2010</td></tr><tr><td class=\"entry\"><a href=\"/glossary/s/#stratigraphic-test-well\" class=\"term\" title=\"A stratigraphic test is a drilling effort, geologically directed, to obtain information pertaining to a specific geologic condition. Such wells customarily are drilled without the intention of being completed for hydrocarbon production. This classification also includes tests identified as core tests and all types of expendable holes related to hydrocarbon exploration. Stratigraphic tests are classified as exploratory-type if not drilled in a proved area or development-type if drilled in a proved area.\"><span>Stratigraphic Test Well</span></a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2010-03/\" class=\"xref\">Accounting Standards Update No. 2010-03</a></td><td class=\"entry\">01/06/2010</td></tr></table></div></div>","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nExploratory Well | Amended | Accounting Standards Update No. 2010-03 | 01/06/2010 |\nProd…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4d05d67df3b57ec14b0cab0a5e880460e85f82a1e706353899486273675a8ada","downloaded_from":"2026-09-10T01:10:32.559Z","last_downloaded_at":"2026-09-10T01:10:32.559Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478302","source_sha256":"799c6d23c0c670f1c9ea2ddddfeac0b86472c7bff430b600fdb4c6c9f6cd2f44"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4ab1a25f972397fd9c6179979e80757a52cc712d253168241ffbcc6b67e35408","downloaded_from":"2026-09-10T01:10:32.559Z","last_downloaded_at":"2026-09-10T01:10:32.559Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478302","source_sha256":"799c6d23c0c670f1c9ea2ddddfeac0b86472c7bff430b600fdb4c6c9f6cd2f44"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9446fbc12ef8fab9d442d5ebfb1911db36b4751a4a4d76058d57992c84bf3599","downloaded_from":"2026-09-10T01:10:32.559Z","last_downloaded_at":"2026-09-10T01:10:32.559Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478302","source_sha256":"799c6d23c0c670f1c9ea2ddddfeac0b86472c7bff430b600fdb4c6c9f6cd2f44"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9446fbc12ef8fab9d442d5ebfb1911db36b4751a4a4d76058d57992c84bf3599","downloaded_from":"2026-09-10T01:10:32.559Z","last_downloaded_at":"2026-09-10T01:10:32.559Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478302","source_sha256":"799c6d23c0c670f1c9ea2ddddfeac0b86472c7bff430b600fdb4c6c9f6cd2f44"}}