REVENUE FROM CONTRACTS WITH CUSTOMERS
|6 Months Ended|
Sep. 30, 2018
|Revenue from Contract with Customer [Abstract]|
|REVENUE FROM CONTRACTS WITH CUSTOMERS||
NOTE 9 – REVENUE FROM CONTRACTS WITH CUSTOMERS
Change in Accounting for Revenue from Oil and Gas Operations
The Company adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”, on April 1, 2018, using the modified retrospective method applied to contracts that were not completed as of April 1, 2018. Refer to “Note 3 – Summary of Significant Accounting Policies” for additional information.
Exploration and Production
There were no significant changes to the timing or valuation of revenue recognized for sales of production from exploration and production activities.
Disaggregation of Revenue from Contracts with Customers
The following table disaggregates revenue by significant product type for the three and six months ended September 30, 2018:
There were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of September 30, 2018 or March 31, 2018.
The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef