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FASB ASC Guide > FASB ASC 932

The Financial Accounting Standards Board (FASB) released Accounting Standards Codification 932 (ASC 932) to address topics related to oil and gas extraction activities. Companies involved in these activities have several unique areas to account for including estimating the amount of resources remaining, the value of the extracted oil/gas, production costs, and more. As there are large costs associated with the finding of these resources as well as installing the machinery to extract them, this can be a significant area as well.

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