{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/932/10/#05-overview-and-background","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":"932","topic_title":"Extractive Activities—Oil and Gas","subtopic":"932-10","subtopic_title":"Overall","section":{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"932-10-05-1","para":"05-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">The Codification contains two Topics for the extractive industry due to the differing accounting treatment for various subindustries. The Topics include: <ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\">This Topic, Extractive Activities—Oil and Gas</div></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\">Topic <a altsource=\"GUID-455B8051-98A1-4612-B646-8ACE033D019D.ditamap\" class=\"ditamap\">930</a>, Extractive Activities—Mining.</div></li></ol></div></div>","snippet":"The Codification contains two Topics for the extractive industry due to the differing accounting treatment for various subindustries. The Topics include:\n(a) This Topic, Extractive Activities—Oil and Gas\n(b) Topic 930, E…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c0c41041c7368e38a2460b9e06200de7949e8859f1ef91a15994912a9625b5b1","downloaded_from":"2026-09-10T02:12:34.199Z","last_downloaded_at":"2026-09-10T02:12:34.199Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482257","source_sha256":"7d8aad1698f358aaf2b90816247033574155213ef3cf2bbcfc934a3522c1d3f5"}},{"citation":"932-10-05-2","para":"05-2","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_E64F73DB-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"><a href=\"/updates/asu-2010-03/\" class=\"xref\">Paragraph superseded by Accounting Standards Update No. 2010-03</a>.</span></span></div></div>","snippet":"Paragraph superseded by Accounting Standards Update No. 2010-03.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:64383c9d7d29612a6460994627971a666692117c8c648790e093561c679308bc","downloaded_from":"2026-09-10T02:12:34.199Z","last_downloaded_at":"2026-09-10T02:12:34.199Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482257","source_sha256":"7d8aad1698f358aaf2b90816247033574155213ef3cf2bbcfc934a3522c1d3f5"}},{"citation":"932-10-05-3","para":"05-3","html":"<div class=\"asc-body\"><div class=\"norm-text\">This Topic provides guidance specific to <a href=\"/glossary/o/#oil-and-gas-producing-activities\" class=\"term\" title=\"Paragraph 932-10-15-2A defines the term oil- and gas-producing activities.\"><span>oil- and gas-producing activities</span></a>. It contains several Subtopics that interact with other Topics in the Codification. Guidance in these Subtopics rather than the more general guidance in the other Topics shall be applied to the specific issues addressed. These Subtopics are:<ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\">Overall</div></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\">Income Statement</div></li><li class=\"li-norm\"><span class=\"linum\">c</span><div class=\"p\">Notes to Financial Statements</div></li><li class=\"li-norm\"><span class=\"linum\">d</span><div class=\"p\">Interim Reporting</div></li><li class=\"li-norm\"><span class=\"linum\">e</span><div class=\"p\">Segment Reporting</div></li><li class=\"li-norm\"><span class=\"linum\">f</span><div class=\"p\">Investments—Equity Method and Joint Ventures</div></li><li class=\"li-norm\"><span class=\"linum\">g</span><div class=\"p\">Inventory</div></li><li class=\"li-norm\"><span class=\"linum\">h</span><div class=\"p\">Intangibles—Goodwill and Other</div></li><li class=\"li-norm\"><span class=\"linum\">i</span><div class=\"p\">Property, Plant, and Equipment</div></li><li class=\"li-norm\"><span class=\"linum\">j</span><div class=\"p\">Debt</div></li><li class=\"li-norm\"><span class=\"linum\">k</span><div class=\"p\"><a href=\"/updates/asu-2014-09/\" class=\"xref\">Subparagraph superseded by Accounting Standards Update No. 2014-09</a>.</div></li><li class=\"li-norm\"><span class=\"linum\">l</span><div class=\"p\">Other Expenses</div></li><li class=\"li-norm\"><span class=\"linum\">m</span><div class=\"p\">Income Taxes</div></li><li class=\"li-norm\"><span class=\"linum\">n</span><div class=\"p\">Consolidation</div></li><li class=\"li-norm\"><span class=\"linum\">o</span><div class=\"p\">Derivatives and Hedging</div></li><li class=\"li-norm\"><span class=\"linum\">p</span><div class=\"p\">Interest.</div></li></ol></div></div>","snippet":"This Topic provides guidance specific to oil- and gas-producing activities. It contains several Subtopics that interact with other Topics in the Codification. Guidance in these Subtopics rather than the more general guid…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6669a7f9a2416733036ad2b31aa339300ba17ce2bc970782f7631df20dd797c7","downloaded_from":"2026-09-10T02:12:34.199Z","last_downloaded_at":"2026-09-10T02:12:34.199Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482257","source_sha256":"7d8aad1698f358aaf2b90816247033574155213ef3cf2bbcfc934a3522c1d3f5"}},{"citation":"932-10-05-4","para":"05-4","html":"<div class=\"asc-body\"><div class=\"norm-text\">This Subtopic provides overall guidance for extractive activities in the oil and gas industry, including identification of entities that fall within the scope of this Topic and common definitions of industry terms. The other Subtopics address unique requirements for the industry.</div></div>","snippet":"This Subtopic provides overall guidance for extractive activities in the oil and gas industry, including identification of entities that fall within the scope of this Topic and common definitions of industry terms. The o…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ef3e0e2fa17060324bbb5ac4f4dec7af08fa4964099a7967367b6540d6aa4d0d","downloaded_from":"2026-09-10T02:12:34.199Z","last_downloaded_at":"2026-09-10T02:12:34.199Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482257","source_sha256":"7d8aad1698f358aaf2b90816247033574155213ef3cf2bbcfc934a3522c1d3f5"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d89627b449fd5cd030e2e87b72b048844447c0fe9c17c4923acb8c799b688138","downloaded_from":"2026-09-10T02:12:34.199Z","last_downloaded_at":"2026-09-10T02:12:34.199Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482257","source_sha256":"7d8aad1698f358aaf2b90816247033574155213ef3cf2bbcfc934a3522c1d3f5"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8d5ecc1bac7da5bf0523f8a803f862ac67e2c6d1df86f03fb5175aff1da6f538","downloaded_from":"2026-09-10T02:12:34.199Z","last_downloaded_at":"2026-09-10T02:12:34.199Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482257","source_sha256":"7d8aad1698f358aaf2b90816247033574155213ef3cf2bbcfc934a3522c1d3f5"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8d5ecc1bac7da5bf0523f8a803f862ac67e2c6d1df86f03fb5175aff1da6f538","downloaded_from":"2026-09-10T02:12:34.199Z","last_downloaded_at":"2026-09-10T02:12:34.199Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482257","source_sha256":"7d8aad1698f358aaf2b90816247033574155213ef3cf2bbcfc934a3522c1d3f5"}}