oil and gas revenue

Revenue1

1. 605-932Extractive Activities—Oil and Gas605 Revenue Recognition

   ASC 605-932 was the oil and gas industry-specific guidance under the legacy revenue recognition model (ASC 605), addressing revenue recognition for extractive activities such as gas balancing arrangements. Every substantive paragraph in the subtopic (05-1, 15-1, 25-2, and 50-1) was superseded by ASU 2014-09, so the subtopic now contains no operative guidance. Oil and gas revenue is instead accounted for under ASC 606, with industry-specific application guidance in ASC 932-606.