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This excerpt taken from the BP 20-F filed Jun 13, 2006. (m) Provisions for severance and operating costs The recognition criteria for costs associated with severance and restructuring provisions are similar under UK and US GAAP. However, in the following situations a provision under UK GAAP does not qualify as a provision under US GAAP: (i) future operating losses are recognized when they occur; and (ii) where employees are required to render service beyond a minimum retention period, the termination benefit associated with those employees is recognized over the future period. F - 117 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. (m) Provisions for severance and operating costs The recognition criteria for costs associated with severance and restructuring provisions are similar under UK and US GAAP. However, in the following situations a provision under UK GAAP does not qualify as a provision under US GAAP: (i) future operating losses are recognized when they occur; and (ii) where employees are required to render service beyond a minimum retention period, the termination benefit associated with those employees is recognized over the future period. F - 118 The adjustments to profit for the year and to BP shareholders' interest to accord with US GAAP are summarized below.
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