BP 2010 Annual Report Download - page 145

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ConsolidatednancialstatementsoftheBPgroup
Financial statements
Independentauditor’sreportontheAnnualReportandAccounts
tothemembersofBPp.l.c.
WehaveauditedtheconsolidatednancialstatementsofBPp.l.c.fortheyearended31December2010whichcomprisethegroupincomestatement,
thegroupstatementofcomprehensiveincome,thegroupstatementofchangesinequity,thegroupbalancesheet,thegroupcashowstatementand
therelatednotes1to46.ThenancialreportingframeworkthathasbeenappliedintheirpreparationisapplicablelawandInternationalFinancialReporting
Standards(IFRS)asadoptedbytheEuropeanUnion.
Thisreportismadesolelytothecompany’smembers,asabody,inaccordancewithChapter3ofPart16oftheCompaniesAct2006.Ouraudit
workhasbeenundertakensothatwemightstatetothecompany’smembersthosematterswearerequiredtostatetotheminanauditor’sreportand
fornootherpurpose.Tothefullestextentpermittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthecompanyandthe
company’smembersasabody,forourauditwork,forthisreport,orfortheopinionswehaveformed.
Respective responsibilities of directors and auditors
AsexplainedmorefullyintheStatementofdirectors’responsibilitiesinrespectoftheconsolidatednancialstatementssetoutonpage142,thedirectors
areresponsibleforthepreparationoftheconsolidatednancialstatementsandforbeingsatisedthattheygiveatrueandfairview.Ourresponsibilityis
toauditandexpressanopinionontheconsolidatednancialstatementsinaccordancewithapplicablelawandInternationalStandardsonAuditing(UK
andIreland).ThosestandardsrequireustocomplywiththeAuditingPracticesBoard’sEthicalStandardsforAuditors.
Scope of the audit of the nancial statements
Anauditinvolvesobtainingevidenceabouttheamountsanddisclosuresinthenancialstatementssufcienttogivereasonableassurancethatthe
nancialstatementsarefreefrommaterialmisstatement,whethercausedbyfraudorerror.Thisincludesanassessmentof:whethertheaccounting
policiesareappropriatetothegroup’scircumstancesandhavebeenconsistentlyappliedandadequatelydisclosed;thereasonablenessofsignicant
accountingestimatesmadebythedirectors;andtheoverallpresentationofthenancialstatements.
Opinion on nancial statements
Inouropiniontheconsolidatednancialstatements:
• giveatrueandfairviewofthestateofthegroup’saffairsasat31December2010andofitslossfortheyearthenended;
• havebeenproperlypreparedinaccordancewithIFRSasadoptedbytheEuropeanUnion;and
• havebeenpreparedinaccordancewiththerequirementsoftheCompaniesAct2006andArticle4oftheIASRegulation.
Separate opinion in relation to IFRS as issued by the International Accounting Standards Board
AsexplainedinNote1totheconsolidatednancialstatements,thegroupinadditiontoapplyingIFRSasadoptedbytheEuropeanUnion,hasalsoapplied
IFRSasissuedbytheInternationalAccountingStandardsBoard(IASB).
InouropiniontheconsolidatednancialstatementscomplywithIFRSasissuedbytheIASB.
Emphasis of matter – signicant uncertainty over provisions and contingencies related to the Gulf of Mexico oil spill
InformingouropinionwehaveconsideredtheadequacyofthedisclosuresmadeinNotes2,37and44tothenancialstatementsconcerningthe
provisions,futureexpendituresforwhichreliableestimatescannotbemadeandothercontingenciesrelatedtotheGulfofMexicooilspillsignicant
event.ThetotalamountsthatwillultimatelybepaidbyBPinrelationtoallobligationsrelatingtotheincidentaresubjecttosignicantuncertaintyandthe
ultimateexposureandcosttoBPwillbedependentonmanyfactors.Actualcostscouldultimatelybesignicantlyhigherorlowerthanthoserecordedas
theclaimsandsettlementprocessprogresses.Ouropinionisnotqualiedinrespectofthesematters.
Opinion on other matter prescribed by the Companies Act 2006
InouropiniontheinformationgivenintheDirectors’Reportforthenancialyearforwhichtheconsolidatednancialstatementsarepreparedisconsistent
withtheconsolidatednancialstatements.
Matters on which we are required to report by exception
Wehavenothingtoreportinrespectofthefollowing:
UndertheCompaniesAct2006wearerequiredtoreporttoyouif,inouropinion:
• certaindisclosuresofdirectors’remunerationspeciedbylawarenotmade;or
• wehavenotreceivedalltheinformationandexplanationswerequireforouraudit.
UndertheListingRuleswearerequiredtoreview:
• thedirectors’statement,setoutonpage142,inrelationtogoingconcern;
• thepartoftheBPboardperformancereportrelatingtothecompany’scompliancewiththenineprovisionsoftheJune2008CombinedCode
speciedforourreview;and
• certainelementsofthereporttoshareholdersbytheBoardondirectors’remuneration.
Other matter
WehavereportedseparatelyontheparentcompanynancialstatementsofBPp.l.c.fortheyearended31December2010andontheinformationinthe
Directors’RemunerationReportthatisdescribedashavingbeenaudited.
Ernst & Young LLP
AllisterWilson(SeniorStatutoryAuditor)
forandonbehalfofErnst&YoungLLP,StatutoryAuditor
London
2March2011
ThemaintenanceandintegrityoftheBPp.l.c.websitearetheresponsibilityofthedirectors;theworkcarriedoutbytheauditorsdoesnotinvolveconsiderationofthesemattersand,accordingly,the
auditorsacceptnoresponsibilityforanychangesthatmayhaveoccurredtothenancialstatementssincetheywereinitiallypresentedonthewebsite.
LegislationintheUnitedKingdomgoverningthepreparationanddisseminationofnancialstatementsmaydifferfromlegislationinotherjurisdictions.
ThispagedoesnotformpartofBP’sAnnualReportonForm20-FasledwiththeSEC.
BPAnnualReportandForm20-F2010 143