# ASC 932-10-05: Extractive Activities—Oil and Gas — Overall — 05 Overview and Background

Source: FASB Accounting Standards Codification, Basic View

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## ASC 932-10-05: 05 Overview and Background

[Read section](https://asc.understandingaccounting.org/asc/932/10/#05-overview-and-background)

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##### [932-10-05-1](https://asc.understandingaccounting.org/asc/932/10/#932-10-05-1)

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The Codification contains two Topics for the extractive industry due to the differing accounting treatment for various subindustries. The Topics include:

1.  a
    
    This Topic, Extractive Activities—Oil and Gas
    
2.  b
    
    Topic 930, Extractive Activities—Mining.

##### [932-10-05-2](https://asc.understandingaccounting.org/asc/932/10/#932-10-05-2)

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[Paragraph superseded by Accounting Standards Update No. 2010-03](https://asc.understandingaccounting.org/updates/asu-2010-03/).

##### [932-10-05-3](https://asc.understandingaccounting.org/asc/932/10/#932-10-05-3)

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This Topic provides guidance specific to [oil- and gas-producing activities](https://asc.understandingaccounting.org/glossary/o/#oil-and-gas-producing-activities "Paragraph 932-10-15-2A defines the term 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 guidance in the other Topics shall be applied to the specific issues addressed. These Subtopics are:

1.  a
    
    Overall
    
2.  b
    
    Income Statement
    
3.  c
    
    Notes to Financial Statements
    
4.  d
    
    Interim Reporting
    
5.  e
    
    Segment Reporting
    
6.  f
    
    Investments—Equity Method and Joint Ventures
    
7.  g
    
    Inventory
    
8.  h
    
    Intangibles—Goodwill and Other
    
9.  i
    
    Property, Plant, and Equipment
    
10.  j
     
     Debt
     
11.  k
     
     [Subparagraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).
     
12.  l
     
     Other Expenses
     
13.  m
     
     Income Taxes
     
14.  n
     
     Consolidation
     
15.  o
     
     Derivatives and Hedging
     
16.  p
     
     Interest.

##### [932-10-05-4](https://asc.understandingaccounting.org/asc/932/10/#932-10-05-4)

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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.