BP 2011 Annual Report Download - page 175

BP Annual Report and Form 20-F 2011 173BP Annual Report and Form c 2011 173 BP Annual Report and Form 20-F 2011 173
Financial statements
Financial statements
174 Statement of directors’
responsibilities
175 Consolidated financial statements
of the BP group
Independent auditor’s reports 175
Group income statement 178
Group statement of comprehensive income 179
Group statement of changes in equity 179
Group balance sheet 180
Group cash flow statement 181
182 Notes on financial statements
1 Significant accounting policies 182
2 Significant event – Gulf of Mexico oil spill 190
3 Business combinations 194
4 Non-current assets held for sale 196
5 Disposals and impairment 197
6 Segmental analysis 200
7 Interest and other income 205
8 Production and similar taxes 205
9 Depreciation, depletion and amortization 205
10 Impairment review of goodwill 206
11 Distribution and administration expenses 207
12 Currency exchange gains and losses 208
13 Research and development 208
14 Operating leases 208
15 Exploration for and evaluation of oil and
natural gas resources 209
16 Auditor’s remuneration 209
17 Finance costs 209
18 Taxation 210
19 Dividends 212
20 Earnings per ordinary share 212
21 Property, plant and equipment 213
22 Goodwill 214
23 Intangible assets 214
24 Investments in jointly controlled entities 215
25 Investments in associates 216
26 Financial instruments and financial risk factors 217
27 Other investments 222
28 Inventories 222
29 Trade and other receivables 223
30 Cash and cash equivalents 223
31 Valuation and qualifying accounts 223
32 Trade and other payables 224
33 Derivative financial instruments 224
34 Finance debt 229
35 Capital disclosures and analysis of changes
in net debt 230
36 Provisions 231
37 Pensions and other post-retirement benefits 234
38 Called-up share capital 241
39 Capital and reserves 242
40 Share-based payments 246
41 Employee costs and numbers 248
42 Remuneration of directors and senior management 248
43 Contingent liabilities 249
44 Capital commitments 250
45 Subsidiaries, jointly controlled entities and
associates 251
46 Condensed consolidating information on certain
US subsidiaries 253
259 Supplementary information
on oil and natural gas (unaudited)
Oil and natural gas exploration and production activities 260
Movements in estimated net proved reserves 266
Standardized measure of discounted future net
cash flows and changes therein relating to proved
oil and gas reserves 277
Operational and statistical information 280
PC1 Parent company financial
statements of BP p.l.c.
Independent auditor’s report to the members of BP p.l.c. PC1
Company balance sheet PC2
Company cash flow statement PC3
Company statement of total recognized gains and losses PC3
Notes on financial statements PC4
1 Accounting policies PC4
2 Taxation PC5
3 Fixed assets – investments PC5
4 Debtors PC6
5 Creditors PC6
6 Pensions PC7
7 Called-up share capital PC10
8 Capital and reserves PC10
9 Cash flow PC11
10 Contingent liabilities PC11
11 Share-based payments PC11
12 Auditor’s remuneration PC13
13 Directors’ remuneration PC14