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This excerpt taken from the BP 6-K filed Feb 2, 2010. 1. Basis of preparation
The results for the interim periods and for the year ended 31 December 2009 are unaudited and in the opinion of management include all adjustments necessary for a fair presentation of the results for the periods presented. All such adjustments are of a normal recurring nature. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. This report should be read in conjunction with the consolidated financial statements and related notes for the year ended 31 December 2008 included in BP Annual Report and Accounts 2008.
BP prepares its consolidated financial statements included within its Annual Report and Accounts on the basis of International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), IFRS as adopted by the European Union (EU) and in accordance with the provisions of the Companies Act 2006. IFRS as adopted by the EU differs in certain respects from IFRS as issued by the IASB, however, the differences have no impact on the group's consolidated financial statements for the periods presented. The financial information presented herein has been prepared in accordance with the accounting policies that will be used in preparing the Annual Report and Accounts for 2009, which do not differ significantly from those used in BP Annual Report and Accounts 2008.
BP has adopted a new accounting standard, IFRS 8 'Operating Segments', with effect from 1 January 2009. The standard defines operating segments as components of an entity about which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. It also sets out the required disclosures for operating segments. On adoption, there was no change to BP's segments that are separately reported but the segmental financial information is now based on measures as used by the chief operating decision maker. In particular, the segment measure of profit is replacement cost profit before interest and tax - see page 14 for further information. There was no effect on the group's reported income or net assets.
In addition, BP has adopted amendments to IAS 1 'Presentation of Financial Statements', also with effect from 1 January 2009. This requires separate presentation of owner and non-owner changes in equity by introducing the statement of comprehensive income - see page 10. The statement of recognized income and expense is no longer presented. Certain minor changes in the presentation of the statement of changes in equity were also made to comply with the revised standard - see page 10. There was no effect on the group's reported profit for the period or net assets.
Top of page 19 This excerpt taken from the BP 6-K filed Oct 27, 2009. 1. Basis of preparation
The interim financial information included in this report has been prepared in accordance with IAS 34 'Interim Financial Reporting'.
The results for the interim periods are unaudited and in the opinion of management include all adjustments necessary for a fair presentation of the results for the periods presented. All such adjustments are of a normal recurring nature. This report should be read in conjunction with the consolidated financial statements and related notes for the year ended 31 December 2008 included in
BP Annual Report and Accounts 2008
.
BP prepares its consolidated financial statements included within its Annual Report and Accounts on the basis of International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), IFRS as adopted by the European Union (EU) and in accordance with the provisions of the Companies Act 1985. IFRS as adopted by the EU differs in certain respects from IFRS as issued by the IASB, however, the differences have no
impact on the group's consolidated financial statements for the periods presented. The financial information presented herein has been prepared in accordance with the accounting policies expected to be used in preparing the Annual Report and Accounts for 2009, which do not differ significantly from those used in
BP Annual Report and Accounts 2008
.
BP has adopted a new accounting standard, IFRS 8 'Operating Segments', with effect from 1 January 2009. The standard defines operating segments as components of an entity about which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. It also sets out the required disclosures for operating segments. On adoption, there was no change to
BP's segments that are separately reported but the segmental financial information is now based on measures as used by the chief operating decision maker. In particular, the segment measure of profit is replacement cost profit before interest and tax - see page 14 for further information. There was no effect on the group's reported income or net assets.
In addition, BP has adopted amendments to IAS 1 'Presentation of Financial Statements', also with effect from 1 January 2009. This requires separate presentation of owner and non-owner changes in equity by introducing the statement of comprehensive income - see page 10. The statement of recognized income and expense is no longer presented. Certain minor changes in the presentation of the statement of changes in equity were also made to comply with the
revised standard - see page 10. There was no effect on the group's reported profit for the period or net assets.
Top of page 19
These excerpts taken from the BP 6-K filed Jul 28, 2009. Basis of
preparation
The interim financial information included in this report has been prepared in accordance with IAS 34 'Interim Financial Reporting'.
The results for the interim periods are unaudited and in the opinion of management include
all adjustments necessary for a fair presentation of the results for the periods presented.
All such adjustments are of a normal recurring nature. This report should be read in
conjunction with the consolidated financial statements and related notes for the year ended
31 December 2008 included in
BP Annual Report and
Accounts
2008.
BP prepares its consolidated financial statements included within its Annual Report and
Accounts on the basis of International Financial Reporting Standards (IFRS) as issued by
the International Accounting Standards Board (IASB), IFRS as adopted by the European Union
(EU) and in accordance with the provisions of the Companies Act 1985. IFRS as adopted by
the EU differs in certain respects from IFRS as issued by the IASB, however, the
differences have no impact on the group's consolidated financial statements for the periods
presented. The financial information presented herein has been prepared in accordance with
the accounting policies expected to be used in preparing the Annual Report and Accounts for
2009, which do not differ significantly from those used in
BP Annual Report and Accounts
2008.
BP has adopted a new accounting standard, IFRS 8 'Operating Segments', with effect from 1
January 2009. The standard defines operating segments as components of an entity about
which separate financial information is available and is evaluated regularly by the chief
operating decision maker in deciding how to allocate resources and in assessing
performance. It also sets out the required disclosures for operating segments. On adoption,
there was no change to BP's segments that are separately reported but the segmental
financial information is now based on measures as used by the chief operating decision
maker. In particular, the segment measure of profit is replacement cost profit before
interest and tax - see page 15 for further information. There was no effect on the group's
reported income or net assets. In addition, BP has adopted amendments to IAS 1 'Presentation of Financial Statements', also with effect from 1 January 2009. This requires separate presentation of owner and non-owner changes in equity by introducing the statement of comprehensive income - see page 11. The statement of recognized income and expense is no longer presented. Certain minor changes in the presentation of the statement of changes in equity were also made to comply with the revised standard - see page 11. There was no effect on the group's reported profit for the period or net assets. Top of page 20 Basis of preparation
These excerpts taken from the BP 6-K filed Apr 28, 2009. 1. Basis of preparation The interim financial information included in this report has been prepared in accordance with IAS 34 'Interim Financial Reporting'. The results for the interim periods are unaudited and in the opinion of management include all adjustments necessary for a fair presentation of the results for the periods presented. All such adjustments are of a normal recurring nature. This report should be read in conjunction with the consolidated financial statements and related notes for the year ended 31 December 2008 included in BP's Annual Report and Accounts 2008. BP prepares its consolidated financial statements included within its Annual Report and Accounts on the basis of International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), IFRS as adopted by the European Union (EU) and in accordance with the provisions of the Companies Act 1985. IFRS as adopted by the EU differs in certain respects from IFRS as issued by the IASB, however, the differences have no impact on the group's consolidated financial statements for the periods presented. The financial information presented herein has been prepared in accordance with the accounting policies expected to be used in preparing the Annual Report and Accounts 2009, which do not differ significantly from those used in the Annual Report and Accounts 2008. BP has adopted a new accounting standard, IFRS 8 'Operating Segments', with effect from 1 January 2009. The standard defines operating segments as components of an entity about which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. It also sets out the required disclosures for operating segments. On adoption, there was no change to BP's segments that are separately reported but the segmental financial information is now based on measures as used by the chief operating decision maker. In particular, the segment measure of profit is replacement cost profit before interest and tax - see page 14 for further information. There was no effect on the group's reported income or net assets. In addition, BP has adopted amendments to IAS 1 'Presentation of Financial Statements', also with effect from 1 January 2009. This requires separate presentation of owner and non-owner changes in equity by introducing the statement of comprehensive income - see page 10. The statement of recognized income and expense is no longer presented. Certain minor changes in the presentation of the statement of changes in equity were also made to comply with the revised standard - see page 10. There was no effect on the group's reported profit for the period or net assets. Top of page 19 1. Basis of The interim financial information The results for the BP prepares its consolidated BP has adopted a new accounting In addition, BP has adopted
These excerpts taken from the BP 6-K filed Feb 3, 2009. 1. Basis of preparation The results for the interim periods and for the year ended 31 December 2008 are unaudited and in the opinion of management include all adjustments necessary for a fair presentation of the results for the periods presented. All such adjustments are of a normal recurring nature. The financial statements and notes included in this report should be read in conjunction with the consolidated financial statements and related notes for the year ended 31 December 2007 included in BP Annual Report and Accounts 2007.
BP prepares its consolidated financial
statements included within its Annual Report and Accounts in accordance with International
Financial Reporting Standards (IFRS) as issued by the International Accounting Standards
Board (IASB), IFRS as adopted by the European Union (EU) and in accordance with the
provisions of the Companies Act 1985. IFRS as adopted by the EU differs in certain respects
from IFRS as issued by the IASB, however, the differences have no impact on the
group’s consolidated financial statements for the periods presented. The financial
information presented herein has been prepared in accordance with the accounting policies
that will be used in preparing
BP Annual Report and Accounts
2008, which do not differ
significantly from those used in
BP Annual Report and Accounts
2007. 1. Basis of preparation
These excerpts taken from the BP 6-K filed Oct 28, 2008. 1. Basis of preparation The interim financial information included in this report has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’. The results for the interim periods are unaudited and in the opinion of management include all adjustments necessary for a fair presentation of the results for the periods presented. All such adjustments are of a normal recurring nature. The interim financial statements and notes included in this report should be read in conjunction with the consolidated financial statements and related notes for the year ended 31 December 2007 included in BP Annual Report and Accounts 2007. BP prepares its consolidated financial statements included within its Annual Report and Accounts in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), IFRS as adopted by the European Union (EU) and in accordance with the provisions of the Companies Act 1985. IFRS as adopted by the EU differs in certain respects from IFRS as issued by the IASB, however, the differences have no impact on the group’s consolidated financial statements for the periods presented. The financial information presented herein has been prepared in accordance with the accounting policies expected to be used in preparing the Annual Report and Accounts 2008, which do not differ significantly from those used in BP Annual Report and Accounts 2007. 1. Basis of preparation
These excerpts taken from the BP 6-K filed Jul 29, 2008. 1. Basis of preparation
The interim financial information included in this report has
been prepared in accordance with IAS 34 'Interim Financial Reporting'.
The results for the interim periods are
unaudited and in the opinion of management include all adjustments necessary for a fair
presentation of the results for the periods presented. All such adjustments are of a normal
recurring nature. The interim financial statements and notes included in this report should
be read in conjunction with the consolidated financial statements and related notes for the
year ended 31 December 2007 included in
BP Annual Report and Accounts
2007.
BP prepares its consolidated financial statements included
within its Annual Report and Accounts in accordance with International Financial Reporting
Standards (IFRS) as issued by the International Accounting Standards Board (IASB), IFRS as
adopted by the European Union (EU) and in accordance with the provisions of the Companies
Act 1985. IFRS as adopted by the EU differs in certain respects from IFRS as issued by the
IASB, however, the differences have no impact on the group's consolidated financial
statements for the periods presented. The financial information presented herein has been
prepared in accordance with the accounting policies expected to be used in preparing the
Annual Report and Accounts 2008, which do not differ significantly from those used
in BP Annual Report and Accounts
2007.
1. Basis of preparation
This excerpt taken from the BP 6-K filed Aug 9, 2007. Note 1 – Basis of preparation The interim financial information included in this Form 6-K has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’. The results for the interim periods are unaudited and in the opinion of management include all adjustments necessary for a fair presentation of the results for the periods presented. All such adjustments are of a normal recurring nature. The interim financial statements and notes included in this Report should be read in conjunction with the consolidated financial statements and related notes for the year ended 31 December 2006 included in BP’s Annual Report on Form 20-F filed with the Securities and Exchange Commission. BP prepares its Annual Report and Accounts on the basis of International Financial Reporting Standards (IFRS) as adopted for use by the European Union (EU). The financial information presented herein has been prepared in accordance with the accounting policies expected to be used in preparing the Annual Report and Accounts 2007, which do not differ significantly from those used in the Annual Report and Accounts 2006. The impact of recently issued accounting standards and interpretations is described below. Adopted for 2007 In August 2005, the International Accounting Standards Board (IASB) issued IFRS 7 ‘Financial Instruments – Disclosures’ which is effective for annual periods beginning on or after 1 January 2007. Under IFRS7 the group is required to disclose information about its financial instruments, their significance and the nature and extent of risks to which they give rise. More specifically, the group is required to make specified minimum disclosures about credit risk, liquidity risk and market risk. In response to this new standard the group expects to make some changes to the disclosures it provides on financial instruments in its Annual Report on Form 20-F 2007. There will be no effect on the group’s reported income or net assets. Also in August 2005, ‘IAS 1 Amendment – Presentation of Financial Statements: Capital Disclosures’ was issued by the IASB, which requires disclosures of an entity’s objectives, policies and processes for managing capital, quantitative data about what the entity regards as capital, whether the entity has complied with any capital requirements, and the consequences of any non-compliance. This amendment is effective for annual periods beginning on or after 1 January 2007 and the disclosures will be included in the Annual Report and Accounts 2007. There will be no effect on the group’s reported income or net assets. The group has also adopted two International Financial Reporting Interpretations Committee (IFRIC) interpretations with effect from 1 January 2007: IFRIC 10 – ‘Interim Financial Reporting and Impairment’ prohibits the reversal of an impairment loss relating to goodwill or certain financial assets made in an earlier interim period in the same annual period. IFRIC 11 – ‘IFRS 2 – Group and Treasury Share Transactions’ deals with share-based payment arrangements within a group and share-based payment arrangements satisfied by using treasury shares. There was no effect on the group’s reported income or net assets as a result of adopting these two interpretations. Not yet adopted The following pronouncements from the IASB will become effective for future financial reporting periods and have not yet been adopted by the group. IFRS 8 ‘Operating Segments’ was issued in October 2006 and defines operating segments as components of an entity about which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The new standard sets out the required disclosures for operating segments and is effective for annual periods beginning on or after 1 January 2009. IFRS 8 has not yet been adopted by the EU. BP has not yet completed its evaluation of the impact on its disclosures of adopting IFRS 8. There are three further IFRIC interpretations in issue, which are not yet effective and have not yet been adopted by the EU. IFRIC 12 ‘Service Concession Arrangements’ gives guidance on the accounting by operators for public-to-private service concession arrangements. BP has not yet completed its evaluation of the impact of adopting this interpretation. This interpretation is effective for annual periods beginning on or after 1 January 2008. -20- BP p.l.c. AND SUBSIDIARIES IFRIC 13 ‘Customer Loyalty Programmes’ addresses accounting by entities that grant loyalty award credits, e.g. “points” or “travel miles”, to customers who buy other goods or services. Specifically, it explains how such entities should account for their obligations to provide free or discounted goods or services (“awards”) to customers who redeem award credits. They may fulfil their obligations by supplying awards themselves or engaging a third party to do so. The interpretation requires entities to allocate some of the proceeds of the initial sale to the award credits and recognise these proceeds as revenue only when they have fulfilled their obligations. BP has not yet completed its evaluation of the impact of adopting this interpretation, which is effective for annual periods beginning on or after 1 July 2008. IFRIC 14 ‘IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements, and their Interaction’. IAS 19 ‘Retirement Benefits’ limits the measurement of a defined benefit asset to ‘the present value of economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan’ plus unrecognised gains and losses. Minimum funding requirements exist in many countries to improve the security of the post-employment benefit promise made to members of an employee benefit plan. Such requirements normally stipulate a minimum amount or level of contributions that must be made to a plan over a given period. Therefore, a minimum funding requirement may limit the ability of the entity to reduce future contributions. BP has not yet completed its evaluation of the impact of adopting this interpretation, which is effective for annual periods beginning on or after 1 January 2008. This excerpt taken from the BP 20-F filed Jun 13, 2006. Basis of preparation The Group's main activities are the exploration and production of crude oil and natural gas; the marketing and trading of natural gas and power; the refining, marketing, supply and transportation of petroleum products; and the manufacturing and marketing of petrochemicals. The preparation of accounts in conformity with UK generally accepted accounting practice requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the accounts and the reported amounts of revenues and expenses during the reporting period. Actual outcomes could differ from these estimates. This excerpt taken from the BP 6-K filed Mar 13, 2006. Basis of preparation
This is the first year in which the Group has prepared its financial statements under IFRSs and the comparative financial information has been restated from UK generally accepted accounting practice (UK GAAP) to comply with IFRSs. The accounting policies that follow set out those policies that apply in preparing the consolidated financial statements for the year ended December 31, 2005. The consolidated financial statements are presented in US dollars and all values are rounded to the nearest million dollars ($ million), except where otherwise indicated.
This excerpt taken from the BP 6-K filed Nov 17, 2005. Basis of preparation
The consolidated financial statements have been prepared on a historical cost basis, except for inventory held for trading purposes and certain derivative financial instruments that have been measured at fair value.
This excerpt taken from the BP 6-K filed Sep 7, 2005. Basis of preparation
The consolidated financial statements have been prepared on a historical cost basis, except for inventory held for trading purposes and certain derivative financial instruments that have been measured at fair value.
This excerpt taken from the BP 6-K filed Sep 7, 2005. Basis of preparation
The consolidated financial statements have been prepared on a historical cost basis, except for inventory held for trading purposes and certain derivative financial instruments that have been measured at fair value.
This excerpt taken from the BP 20-F filed Jun 30, 2005. Basis of preparation The Group's main activities are the exploration and production of crude oil and natural gas; the marketing and trading of natural gas and power; the refining, marketing, supply and transportation of petroleum products; and the manufacturing and marketing of petrochemicals. The preparation of accounts in conformity with UK generally accepted accounting practice requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the accounts and the reported amounts of revenues and expenses during the reporting period. Actual outcomes could differ from these estimates. | EXCERPTS ON THIS PAGE:RELATED TOPICS for BP: |
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