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This excerpt taken from the BP 6-K filed Nov 17, 2005. Inventory: In November 2004, the FASB issued Statement of Financial Accounting Standards No. 151 ‘Inventory Costs an amendment of ARB No. 43, Chapter 4’ (SFAS 151). SFAS 151 requires that items, such as idle facility expense, excessive spoilage, double freight and re-handling costs, be recognized as current-period charges. SFAS 151 also requires that the allocation of fixed production overheads to the costs of conversion be based on the normal capacity of the production facilities. SFAS 151 is effective for accounting periods beginning after June 15, 2005. The Group adopted SFAS 151 with effect from July 1, 2005. The adoption of SFAS 151 did not have a significant effect on the Group’s profit, as adjusted to accord with US GAAP, or BP shareholders’ equity as adjusted to accord with US GAAP.
Discontinued operations: In November 2004, the EITF reached a consensus on Issue No. 03-13 ‘Applying the Conditions in Paragraph 42 of FASB Statement No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, in Determining Whether to Report Discontinued Operations’ (EITF 03-13). Under EITF 03-13, a disposed component of an enterprise is classified as a discontinued operation only where the ongoing entity has no significant continuing direct cash flows and does not retain an interest, contract or other arrangement sufficient to enable the entity to exert significant influence over the disposed component’s operating and financial policies after disposal. EITF 03-13 is effective for a component of an enterprise that is either disposed of or classified as held for sale in accounting periods beginning after December 15, 2004.
This excerpt taken from the BP 6-K filed Sep 7, 2005. Inventory: In November 2004,
the FASB issued Statement of Financial Accounting Standards No. 151 ‘Inventory
Costs an amendment of ARB No. 43, Chapter 4’ (SFAS 151). SFAS 151
requires that items, such as idle facility expense, excessive spoilage, double
freight and re-handling costs, be recognized as current-period charges. SFAS
151 also requires that the allocation of fixed production overheads to the
costs of conversion be based on the normal capacity of the production
facilities. SFAS 151 is effective for accounting periods beginning after June 15,
2005. The adoption of SFAS 151 is not expected to have a significant effect on
the Group’s profit, as adjusted to accord with US GAAP, or BP shareholders’
equity as adjusted to accord with US GAAP.
Discontinued operations: In November 2004, the EITF reached a consensus on Issue No. 03-13 ‘Applying the Conditions in Paragraph 42 of FASB Statement No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, in Determining Whether to Report Discontinued Operations’ (EITF 03-13). Under EITF 03-13, a disposed component of an enterprise is classified as a discontinued operation only where the ongoing entity has no continuing direct cash flows and does not retain an interest, contract or other arrangement sufficient to enable the entity to exert significant influence over the disposed component’s operating and financial policies after disposal. EITF 03-13 is effective for a component of an enterprise that is either disposed of or classified as held for sale in accounting periods beginning after December 15, 2004.
This excerpt taken from the BP 6-K filed Sep 7, 2005. Inventory: In November 2004, the FASB issued Statement
of Financial Accounting Standards No. 151 ‘Inventory Costs an amendment of
ARB No. 43, Chapter 4’ (SFAS 151). SFAS 151 requires that items,
such as idle facility expense, excessive spoilage, double freight and
re-handling costs, be recognized as current-period charges. SFAS 151 also
requires that the allocation of fixed production overheads to the costs of
conversion be based on the normal capacity of the production facilities.
SFAS 151 is effective for accounting periods beginning after June 15,
2005. The adoption of SFAS 151 is not expected to have a significant
effect on the Group’s profit, as adjusted to accord with US GAAP, or BP
shareholders’ equity, as adjusted to accord with US GAAP.
Discontinued operations: In November 2004, the EITF reached a consensus on Issue No. 03-13 ‘Applying the Conditions in Paragraph 42 of FASB Statement No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, in Determining Whether to Report Discontinued Operations’ (EITF 03-13). Under EITF 03-13, a disposed component of an enterprise is classified as a discontinued operation only where the ongoing entity has no continuing direct cash flows and does not retain an interest, contract or other arrangement sufficient to enable the entity to exert significant influence over the disposed component’s operating and financial policies after disposal. EITF 03-13 is effective for a component of an enterprise that is either disposed of or classified as held for sale in accounting periods beginning after December 15, 2004.
This excerpt taken from the BP 6-K filed Apr 13, 2005. Inventory: In November 2004, the FASB issued Statement of Financial Accounting Standards No. 151 ‘Inventory Costs an amendment of ARB No. 43, Chapter 4’ (SFAS 151). SFAS 151 requires that items, such as idle facility expense, excessive spoilage, double freight and re-handling costs, be recognized as current-period charges. SFAS 151 also requires that the allocation of fixed production overheads to the costs of conversion be based on the normal capacity of the production facilities. SFAS 151 is effective for accounting periods beginning after June 15, 2005. The adoption of SFAS 151 is not expected to have a significant effect on profit, as adjusted to accord with US GAAP, or BP shareholders’ interest as adjusted to accord with US GAAP.
Discontinued operations: In November 2004, the EITF reached a consensus on Issue No. 03-13 ‘Applying the Conditions in Paragraph 42 of FASB Statement No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, in Determining Whether to Report Discontinued Operations’ (EITF 03-13). Under EITF 03-13, a disposed component of an enterprise is classified as a discontinued operation only where the ongoing entity has no continuing direct cash flows and does not retain an interest, contract or other arrangement sufficient to enable the entity to exert significant influence over the disposed component’s operating and financial policies after disposal. EITF 03-13 is effective for a component of an enterprise that is either disposed of or classified as held for sale in accounting periods beginning after December 15, 2004.
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