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This excerpt taken from the BP 6-K filed Dec 13, 2006. Financial instruments: In February 2006, the FASB issued SFAS No. 155, ‘Accounting for Certain Hybrid Financial Instruments - an amendment of FASB Statements No. 133 and 140’ (SFAS 155). SFAS 155 simplifies the accounting for certain hybrid financial instruments under SFAS 133 by permitting fair value remeasurement for financial instruments containing an embedded derivative that otherwise would require separation of the derivative from the financial instrument. SFAS 155 is effective for all financial instruments acquired, issued or subject to a remeasurement event occurring in fiscal years beginning after September 15, 2006. The Group has not yet completed its evaluation of the impact of adopting SFAS 155 on the Group’s profit as adjusted to accord with US GAAP, or on BP shareholders’ equity as adjusted to accord with US GAAP.
This excerpt taken from the BP 6-K filed Nov 17, 2006. Financial instruments: In February 2006, the FASB issued SFAS No. 155, ‘Accounting for Certain Hybrid Financial Instruments - an amendment of FASB Statements No. 133 and 140’ (SFAS 155). SFAS 155 simplifies the accounting for certain hybrid financial instruments under SFAS 133 by permitting fair value remeasurement for financial instruments containing an embedded derivative that otherwise would require separation of the derivative from the financial instrument. SFAS 155 is effective for all financial instruments acquired, issued or subject to a remeasurement event occurring in fiscal years beginning after September 15, 2006. The Group has not yet completed its evaluation of the impact of adopting SFAS 155 on the Group’s profit as adjusted to accord with US GAAP, or on BP shareholders’ equity as adjusted to accord with US GAAP.
This excerpt taken from the BP 6-K filed Sep 11, 2006. Financial instruments: In February 2006, the FASB issued SFAS No. 155, ‘Accounting for Certain
Hybrid Financial Instruments - an amendment of FASB Statements No. 133 and 140’
(SFAS 155). SFAS 155 simplifies the
accounting for certain hybrid financial instruments under SFAS 133 by
permitting fair value remeasurement for financial instruments containing an
embedded derivative that otherwise would require separation of the derivative
from the financial instrument. SFAS 155
is effective for all financial instruments acquired, issued or subject to a
remeasurement event occurring in fiscal years beginning after
September 15, 2006. The Group has
not yet completed its evaluation of the impact of adopting SFAS 155 on the
Group’s profit as adjusted to accord with US GAAP, or BP shareholders’ equity
as adjusted to accord with US GAAP.
This excerpt taken from the BP 6-K filed Aug 17, 2006. Financial instruments: In February 2006, the FASB issued SFAS No. 155, ‘Accounting for Certain
Hybrid Financial Instruments - an amendment of FASB Statements No. 133 and 140’
(SFAS 155). SFAS 155 simplifies the
accounting for certain hybrid financial instruments under SFAS 133 by
permitting fair value remeasurement for financial instruments containing an
embedded derivative that otherwise would require separation of the derivative
from the financial instrument. SFAS 155
is effective for all financial instruments acquired, issued or subject to a
remeasurement event occurring in fiscal years beginning after September 15,
2006. The Group has not yet completed
its evaluation of the impact of adopting SFAS 155 on the Group’s profit as
adjusted to accord with US GAAP, or BP shareholders’ equity as adjusted to
accord with US GAAP.
This excerpt taken from the BP 20-F filed Jun 13, 2006. Note 27 — Financial instruments Financial instruments comprise primary financial instruments (cash, fixed and current asset investments, receivables, payables, finance debt and provisions) and derivative financial instruments (interest rate contracts, foreign exchange contracts, oil price contracts and natural gas price contracts and power price contracts). Interest rate contracts include futures contracts, swap agreements and options. Foreign exchange contracts include forwards, futures contracts, swap agreements and options. Oil, natural gas and power price contracts are those that require settlement in cash and include futures contracts, swap agreements and options. Oil, natural gas and power price contracts that require physical delivery are not financial instruments. However, if it is normal market practice for a particular type of oil, natural gas and power contract, despite having contract terms that require settlement by delivery, to be extinguished other than by physical delivery (e.g., by cash payment) it is called a cash-settled commodity contract. Contracts of this type are included with derivatives in the disclosures in Notes 28 and 29. With the exception of the table of currency exposures shown on page F-46, short-term receivables and payables that arise directly from the Group's operations have been excluded from the disclosures contained in this note, as permitted by Financial Reporting Standard No. 13 'Derivatives and Other Financial Instruments: Disclosures'. This excerpt taken from the BP 20-F filed Jun 30, 2005. Note 27 — Financial instruments Financial instruments comprise primary financial instruments (cash, fixed and current asset investments, receivables, payables, finance debt and provisions) and derivative financial instruments (interest rate contracts, foreign exchange contracts, oil price contracts and natural gas price contracts and power price contracts). Interest rate contracts include futures contracts, swap agreements and options. Foreign exchange contracts include forwards, futures contracts, swap agreements and options. Oil, natural gas and power price contracts are those that require settlement in cash and include futures contracts, swap agreements and options. Oil, natural gas and power price contracts that require physical delivery are not financial instruments. However, if it is normal market practice for a particular type of oil, natural gas and power contract, despite having contract terms that require settlement by delivery, to be extinguished other than by physical delivery (e.g., by cash payment) it is called a cash-settled commodity contract. Contracts of this type are included with derivatives in the disclosures in Notes 28 and 29. With the exception of the table of currency exposures shown on page F-47, short-term receivables and payables that arise directly from the Group's operations have been excluded from the disclosures contained in this note, as permitted by Financial Reporting Standard No. 13 'Derivatives and Other Financial Instruments: Disclosures'. | EXCERPTS ON THIS PAGE:
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