# ASC 932-10-S55: Extractive Activities—Oil and Gas — Overall — SEC 55 Implementation Guidance and Illustrations

Source: FASB Accounting Standards Codification, Basic View

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## ASC 932-10-S55: SEC 55 Implementation Guidance and Illustrations

[Read section](https://asc.understandingaccounting.org/asc/932/10/#sec-55-implementation-guidance-and-illustrations)

SEC content: yes

#### Accounting Issues in Oil and Gas Exchange Offers

##### [932-10-S55-1](https://asc.understandingaccounting.org/asc/932/10/#932-10-S55-1)

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See paragraph [932-10-S99-2](https://asc.understandingaccounting.org/asc/932/10/#932-10-S99-2), SAB Topic 2.D, Questions 1 through 3, for SEC Staff views on accounting issues arising in oil and gas exchange offers.

#### Methods of Accounting by Oil and Gas Producers

##### [932-10-S55-2](https://asc.understandingaccounting.org/asc/932/10/#932-10-S55-2)

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See paragraph [932-10-S99-3](https://asc.understandingaccounting.org/asc/932/10/#932-10-S99-3), SAB Topic 12.C, for SEC Staff views on methods of accounting by oil and gas producers.

##### [932-10-S55-3](https://asc.understandingaccounting.org/asc/932/10/#932-10-S55-3)

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See paragraph [932-10-S99-3](https://asc.understandingaccounting.org/asc/932/10/#932-10-S99-3), SAB Topic 12.C.1, for SEC Staff views on changing methods of accounting by oil and gas producers who are first-time registrants.

##### [932-10-S55-4](https://asc.understandingaccounting.org/asc/932/10/#932-10-S55-4)

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See paragraph [932-10-S99-3](https://asc.understandingaccounting.org/asc/932/10/#932-10-S99-3), SAB Topic 12.C.2, for SEC Staff views on applying consistent methods of oil and gas accounting within a consolidated entity.