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This excerpt taken from the BP 20-F filed Mar 6, 2007. (g) Gain arising on asset
exchange Under IFRS, exchanges of non-monetary assets are generally accounted for at fair value at the date of the transaction, with any gain or loss recognized in profit or loss. Under US GAAP prior to 1 January 2005, exchanges of non-monetary assets were accounted for at book value. From 1 January 2005 exchanges of non-monetary assets are generally accounted for at fair value under both IFRS and US GAAP. The adjustments to profit for the year and to BP shareholders’ equity to accord with US GAAP are summarized below.
This excerpt taken from the BP 20-F filed Jun 13, 2006. (j) Gain arising on asset exchange For UK GAAP the transaction with Solvay in 2001, which led to the exchange of businesses for an interest in a joint venture and an associated undertaking, has been treated as an asset swap which does not give rise to a gain or loss. Under US GAAP the transaction has been treated as a disposal and acquisition at fair value which gave rise to a gain on disposal of $242 million ($157 million after tax). For US GAAP reporting, the gain is being recognized over 10 years. In November 2004, the Group acquired Solvay's interests in BP Polyethylene Europe and BP Solvay Polyethylene North America. As a result, part of the gain has been recognized in 2004. The adjustments to profit for the year and to BP shareholders' interest to accord with US GAAP are summarized below.
This excerpt taken from the BP 20-F filed Jun 30, 2005. (j) Gain arising on asset exchange For UK GAAP the transaction with Solvay in 2001, which led to the exchange of businesses for an interest in a joint venture and an associated undertaking, has been treated as an asset swap which does not give rise to a gain or loss. Under US GAAP the transaction has been treated as a disposal and acquisition at fair value which gave rise to a gain on disposal of $242 million ($157 million after tax). For US GAAP reporting, the gain is being recognized over 10 years. In November 2004, the Group acquired Solvay's interests in BP Polyethylene Europe and BP Solvay Polyethylene North America. As a result, part of the gain has been recognized in 2004. The adjustments to profit for the year and to BP shareholders' interest to accord with US GAAP are summarized below.
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