BP 2005 Annual Report Download - page 119
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BP Annual Report and Accounts 2005 117
50 First-time adoption of International Financial Reporting Standards continued
Presentation of pensions and other post-retirement benefit obligations BP adopted the UK standard on retirement benefits, FRS 17, in 2004.
Under this standard, retirement benefit obligations and assets are presented on a net-of-tax basis in the balance sheet. IFRS, however, requires
that these assets and liabilities be shown gross, with the related deferred tax effects included within the deferred tax captions in the balance sheet.
An adjustment has therefore been made to reclassify the deferred tax balances.
Increase (decrease) in caption heading $ million
Years ended
31 December
2004 2003
Profit for the year – –
$ million
At 31 December 1 January
2004 2003 2003
Defined benefit pension plan surplus 630 534 166
Deferred tax liabilities (1,720) (1,653) (2,620)
Defined benefit pension plan and other post-retirement benefit plan deficits 2,350 2,187 2,786
Total equity – – –
Reclassification of leasehold premiums In accordance with UK practice, BP included leasehold premiums paid within property, plant and equipment.
Under IFRS, the premiums paid on operating leases represent prepaid lease payments and have therefore been reclassified within loans and other
receivables as prepayments.
Increase (decrease) in caption heading $ million
Years ended
31 December
2004 2003
Profit for the year – –
$ million
At 31 December 1 January
2004 2003 2003
Property, plant and equipment (102) (205) (199)
Non-current assets – prepayments and accrued income 102 205 199
Total equity – – –
Liquid resources Short-term investments have been reclassified as cash and cash equivalents under IFRS.
Increase (decrease) in caption heading $ million
Years ended
31 December
2004 2003
Profit for the year – –
$ million
At 31 December 1 January
2004 2003 2003
Other investments (328) (185) (215)
Cash and cash equivalents 328 185 215
Total equity –––