BP 2008 Annual Report Download - page 102

Financial statements
102 Consolidated financial statements
of the BP group
Statement of directors’ responsibilities in respect of the
consolidated financial statements 102
Independent auditor’s report to the members of BP p.l.c. 103
Group income statement 104
Group balance sheet 105
Group cash flow statement 106
Group statement of recognized income and expense 107
108 Notes on financial statements
1. Significant accounting policies 108
2. Resegmentation 116
3. Acquisitions 117
4. Non-current assets held for sale and discontinued
operations 117
5. Disposals 118
6. Segmental analysis 120
7. Interest and other revenues 126
8. Gains on sale of businesses and fixed assets 126
9. Production and similar taxes 127
10. Depreciation, depletion and amortization 127
11. Impairment and losses on sale of businesses and 128
fixed assets
12. Impairment review of goodwill 129
13. Distribution and administration expenses 132
14. Currency exchange gains and losses 132
15. Research and development 132
16. Operating leases 132
17. Exploration for and evaluation of oil and 133
natural gas resources
18. Auditor’s remuneration 134
19. Finance costs 134
20. Taxation 135
21. Dividends 136
22. Earnings per ordinary share 137
23. Property, plant and equipment 138
24. Goodwill 139
25. Intangible assets 139
26. Investments in jointly controlled entities 140
27. Investments in associates 141
28. Financial instruments and financial risk factors 142
29. Other investments 148
30. Inventories 148
31. Trade and other receivables 148
32. Cash and cash equivalents 149
33. Trade and other payables 149
34. Derivative financial instruments 150
35. Finance debt 155
36. Capital disclosures and analysis of changes in net debt 157
37. Provisions 158
38. Pensions and other post-retirement benefits 159
39. Called-up share capital 165
40. Capital and reserves 166
41. Share-based payments 168
42. Employee costs and numbers 172
43. Remuneration of directors and senior management 173
44. Contingent liabilities 174
45. Capital commitments 174
46. Subsidiaries, jointly controlled entities and associates 175
47. Oil and natural gas exploration and production activities 177
180 Additional information for
US reporting
48. Auditor’s remuneration for US reporting 180
49. Valuation and qualifying accounts 181
50. Computation of ratio of earnings to fixed charges 181
182 Supplementary information on oil
and natural gas
191 Parent company financial
statements of BP p.l.c.
Statement of directors’ responsibilities in respect of the 191
parent company financial statements
Independent auditor’s report to the members of BP p.l.c. 192
Company balance sheet 193
Company cash flow statement 194
Statement of total recognized gains and losses 194
Notes on financial statements 195
1. Accounting policies 195
2. Taxation 196
3. Fixed assets – investments 197
4. Debtors 197
5. Creditors 198
6. Pensions 198
7. Called-up share capital 201
8. Capital and reserves 201
9. Cash flow 202
10. Contingent liabilities 202
11. Share-based payments 203
12. Auditor’s remuneration 206
13. Directors’ remuneration 207
Financial statements