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This excerpt taken from the BP 20-F filed Jun 13, 2006. (n) Equity-accounted investments Under UK GAAP the Group's accounting policies are applied in arriving at the amounts to be included in the financial statements in relation to equity-accounted investments. The major difference between UK and US GAAP in this respect relates to deferred tax which is provided on the basis of timing differences under UK GAAP. US GAAP requires provision for deferred tax to be made for temporary differences between carrying values and the related tax base. The adjustments to profit for the year and to BP shareholders' interest to accord with US GAAP are summarized below.
F - 118 This excerpt taken from the BP 20-F filed Jun 30, 2005. (n) Equity-accounted investments Under UK GAAP the Group's accounting policies are applied in arriving at the amounts to be included in the financial statements in relation to equity-accounted investments. The major difference between UK and US GAAP in this respect relates to deferred tax which is provided on the basis of timing differences under UK GAAP. US GAAP requires provision for deferred tax to be made for temporary differences between carrying values and the related tax base. The adjustments to profit for the year and to BP shareholders' interest to accord with US GAAP are summarized below.
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