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This excerpt taken from the BP 6-K filed Dec 13, 2006. Accounting changes and error corrections: In May 2005, the FASB issued SFAS No. 154 ‘Accounting Changes and Error Corrections, a replacement of APB Opinion No. 20 and FASB Statement No. 3’ (SFAS 154). SFAS 154 applies to all voluntary changes in accounting principle and changes the requirements for the accounting for and reporting of a change in accounting principle. SFAS 154 requires retrospective application to prior period financial statements of a voluntary change in accounting principle unless it is impracticable. Previously, most voluntary changes in accounting principle were recognized by including in net income of the period of the change the cumulative effect of changing to the new accounting principle. SFAS 154 also requires that a change in the method of depreciation, amortization or depletion for long-lived nonfinancial assets
be accounted for as a change in accounting estimate that is affected by a change in accounting principle. Previously, such changes were reported as a change in accounting principle. SFAS 154 is effective for accounting changes and corrections of errors made in accounting periods beginning after December 15, 2005. The adoption of SFAS 154 did not have a significant effect on the Group’s profit as adjusted to accord with US GAAP, or on BP shareholders’ equity as adjusted to accord with US GAAP.
-52- BP p.l.c. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Note 15 - US generally accepted accounting principles (continued) Impact of new US accounting standards (continued) This excerpt taken from the BP 6-K filed Nov 17, 2006. Accounting changes and error corrections: In May 2005, the FASB issued SFAS No. 154 ‘Accounting Changes and Error Corrections, a replacement of APB Opinion No. 20 and FASB Statement No. 3’ (SFAS 154). SFAS 154 applies to all voluntary changes in accounting principle and changes the requirements for the accounting for and reporting of a change in accounting principle. SFAS 154 requires retrospective application to prior period financial statements of a voluntary change in accounting principle unless it is impracticable. Previously, most voluntary changes in accounting principle were recognized by including in net income of the period of the change the cumulative effect of changing to the new accounting principle. SFAS 154 also requires that a change in the method of depreciation, amortization or depletion for long-lived nonfinancial assets
be accounted for as a change in accounting estimate that is affected by a change in accounting principle. Previously, such changes were reported as a change in accounting principle. SFAS 154 is effective for accounting changes and corrections of errors made in accounting periods beginning after December 15, 2005. The adoption of SFAS 154 did not have a significant effect on the Group’s profit as adjusted to accord with US GAAP, or on BP shareholders’ equity as adjusted to accord with US GAAP.
-52- BP p.l.c. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Note 15 - US generally accepted accounting principles (continued) Impact of new US accounting standards (continued) This excerpt taken from the BP 6-K filed Sep 11, 2006. Accounting changes and error
corrections: In
May 2005, the FASB issued Statement of Financial Accounting Standards (SFAS)
No. 154 ‘Accounting Changes and Error Corrections, a replacement of APB Opinion
No. 20 and FASB Statement No. 3’ (SFAS 154). SFAS 154 applies to all voluntary
changes in accounting principle and changes the requirements for the accounting
for and reporting of a change in accounting principle. SFAS 154 requires
retrospective application to prior period financial statements of a voluntary
change in accounting principle unless it is impracticable. Previously, most
voluntary changes in accounting principle were recognized by including in net
income of the period of the change the cumulative effect of changing to the new
accounting principle. SFAS 154 also requires that a change in the method of
depreciation, amortization or depletion for long-lived nonfinancial assets be
accounted for as a change in accounting estimate that is affected by a change
in accounting principle. Previously, such changes were reported as a change in
accounting principle. SFAS 154 is effective for accounting changes and corrections
of errors made in accounting periods beginning after December 15, 2005. The adoption of SFAS 154 did not have a
significant effect on the Group’s profit as adjusted to accord with US GAAP, or
BP shareholders’ equity as adjusted to accord with US GAAP.
50 This excerpt taken from the BP 6-K filed Aug 17, 2006. Accounting changes and error
corrections: In
May 2005, the FASB issued Statement of Financial Accounting Standards (SFAS)
No. 154 ‘Accounting Changes and Error Corrections, a replacement of APB Opinion
No. 20 and FASB Statement No. 3’ (SFAS 154). SFAS 154 applies to all voluntary
changes in accounting principle and changes the requirements for the accounting
for and reporting of a change in accounting principle. SFAS 154 requires
retrospective application to prior period financial statements of a voluntary
change in accounting principle unless it is impracticable. Previously, most
voluntary changes in accounting principle were recognized by including in net
income of the period of the change the cumulative effect of changing to the new
accounting principle. SFAS 154 also requires that a change in the method of
depreciation, amortization or depletion for long-lived nonfinancial assets be
accounted for as a change in accounting estimate that is affected by a change
in accounting principle. Previously, such changes were reported as a change in
accounting principle. SFAS 154 is effective for accounting changes and
corrections of errors made in accounting periods beginning after December 15,
2005. The adoption of SFAS 154 did not
have a significant effect on the Group’s profit as adjusted to accord with US
GAAP, or BP shareholders’ equity as adjusted to accord with US GAAP.
44 This excerpt taken from the BP 6-K filed Nov 17, 2005. Accounting changes and error corrections: In May 2005, the FASB issued Statement of Financial Accounting Standards No. 154 ‘Accounting Changes and Error Corrections, a replacement of APB Opinion No. 20 and FASB Statement No. 3' (SFAS 154). SFAS 154 applies to all voluntary changes in accounting principle and changes the requirements for the accounting for and reporting of a change in accounting principle. SFAS 154 requires retrospective application to prior period financial statements of a voluntary change in accounting principle unless it is impracticable. Previously, most voluntary changes in accounting principle were recognized by including in net income of the period of the change the cumulative effect of changing to the new accounting principle. SFAS 154 also requires that a change in the method of depreciation, amortization or depletion for long-lived nonfinancial assets be accounted for
as a change in accounting estimate that is effected by a change in accounting principle. Previously, such changes were reported as a change in accounting principle. SFAS 154 is effective for accounting changes and corrections of errors made in accounting periods beginning after December 15, 2005. The adoption of SFAS 154 is not expected to have a significant effect on profit, as adjusted to accord with US GAAP, or BP shareholders' equity, as adjusted to accord with US GAAP.
- 59 -
BP p.l.c. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
This excerpt taken from the BP 6-K filed Sep 7, 2005. Accounting changes and error corrections: In May 2005, the FASB issued Statement
of Financial Accounting Standards No. 154 ‘Accounting Changes and Error
Corrections, a replacement of APB Opinion No. 20 and FASB Statement No. 3’
(SFAS 154). SFAS 154 applies to all voluntary changes in accounting principle
and changes the requirements for the accounting for and reporting of a change
in accounting principle. SFAS 154 requires retrospective application to prior
period financial statements of a voluntary change in accounting principle
unless it is impracticable. Previously, most voluntary changes in accounting
principle were recognized by including in net income of the period of the
change the cumulative effect of changing to the new accounting principle. SFAS
154 also requires that a change in the method of depreciation, amortization or
depletion for long-lived nonfinancial assets be accounted for as a change in
accounting estimate that is effected by a change in accounting principle.
Previously, such changes were reported as a change in accounting principle.
SFAS 154 is effective for accounting changes and corrections of errors made in
accounting periods beginning after December 15, 2005. The adoption of SFAS
154 is not expected to have a significant effect on profit, as adjusted to
accord with US GAAP, or BP shareholders’ equity, as adjusted to accord with US
GAAP.
53
This excerpt taken from the BP 6-K filed Sep 7, 2005. Accounting changes and error
corrections: In May 2005, the FASB
issued Statement of Financial Accounting Standards No. 154 ‘Accounting
Changes and Error Corrections, a replacement of APB Opinion No. 20 and
FASB Statement No. 3’ (SFAS 154). SFAS 154 applies to all
voluntary changes in accounting principle and changes the requirements for the
accounting for and reporting of a change in accounting principle. SFAS 154
requires retrospective application to prior period financial statements of a
voluntary change in accounting principle unless it is impracticable.
Previously, most voluntary changes in accounting principle were recognized by
including in net income of the period of the change the cumulative effect of
changing to the new accounting principle. SFAS 154 also requires that a
change in the method of depreciation, amortization or depletion for long-lived
nonfinancial assets be accounted for as a change in accounting estimate that is
effected by a change in accounting principle. Previously, such changes were
reported as a change in accounting principle. SFAS 154 is effective for
accounting changes and corrections of errors made in accounting periods
beginning after December 15, 2005. The adoption of SFAS 154 is not expected
to have a significant effect on profit, as adjusted to accord with
US GAAP, or BP shareholders’ equity, as adjusted to accord with
US GAAP.
48
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