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BP » Topics » Financial liabilities

This excerpt taken from the BP 6-K filed Mar 13, 2006.
Financial liabilities A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, such that the difference in the respective carrying amounts, together with any costs or fees incurred are recognized in profit or loss.

 

"Financial liabilities" elsewhere:

STATOIL ASA (STO)
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