BP 2008 Annual Report Download - page 103

BP Annual Report and Accounts 2008
Consolidated financial statements
of the BP group
Statement of directors’ responsibilities in respect of the consolidated
financial statements
The directors are responsible for preparing the Annual Report and the consolidated financial statements in accordance with applicable United Kingdom
law, International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and IFRS as adopted by the
European Union.
The directors are required to prepare financial statements for each financial year that present fairly the financial position of the group and
the financial performance and cash flows of the group for that period. In preparing those financial statements, the directors are required to:
• Select suitable accounting policies and then apply them consistently.
• Present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information.
• Provide additional disclosure when compliance with the specific requirements of IFRS is insufficient to enable users to understand the impact
of particular transactions, other events and conditions on the group’s financial position and financial performance.
• State that the company has complied with IFRS, subject to any material departures disclosed and explained in the financial statements.
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position
of the group and enable them to ensure that the financial statements comply with the Companies Act 1985 and Article 4 of the IAS Regulation. They
are also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and
other irregularities.
The group’s business activities, performance, position and risks are set out in this report. The financial position of the group, its cash flows,
liquidity position and borrowing facilities are detailed in Liquidity and capital resources on pages 58 to 60 and elsewhere in the notes on financial
statements. The report also includes details of the group’s risk mitigation and management. The group has considerable financial resources, and the
directors believe that the group is well placed to manage its business risks successfully despite the current uncertain economic outlook. After making
enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable
future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Having made the requisite enquiries, so far as the directors are aware, there is no relevant audit information (as defined by Section 234ZA
of the Companies Act 1985) of which the group’s auditors are unaware, and the directors have taken all the steps they ought to have taken to make
themselves aware of any relevant audit information and to establish that the group’s auditors are aware of that information.
The directors confirm that to the best of their knowledge:
• The consolidated financial statements, prepared in accordance with IFRS as issued by the International Accounting Standards Board, IFRS as
adopted by the European Union and in accordance with the provisions of the Companies Act 1985, give a true and fair view of the assets, liabilities,
financial position and profit of the group; and
• The management report, which is incorporated in the directors’ report, includes a fair review of the development and performance of the business
and the position of the group, together with a description of the principal risks and uncertainties.
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