# ASC 740-932-05: Income Taxes — Extractive Activities—Oil and Gas — 05 Overview and Background

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/740/932/#05-overview-and-background)

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): 2026-09-10T01:19:53.173Z to 2026-09-10T01:19:53.173Z

Record version: sha256:4f21a58d11888cd79437373916df4234f9ec3860cf71c1a00fa2409b72b7899f

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


## ASC 740-932-05: 05 Overview and Background

[Read section](https://asc.understandingaccounting.org/asc/740/932/#05-overview-and-background)

SEC content: no

##### [740-932-05-1](https://asc.understandingaccounting.org/asc/740/932/#740-932-05-1)

Pending content: no

Source downloaded (UTC): 2026-09-10T01:19:53.173Z to 2026-09-10T01:19:53.173Z

Record version: sha256:d899365cb3e5d0bfdaf02f251fa830e3ca823ef2f17a053c8ce2fdf40b762850

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


This Subtopic addresses the accounting for taxes specific to the oil and gas industry, for example, statutory tax depletion.