BP 2013 Annual Report Download - page 242

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Non-GAAP information on fair value accounting effects
The impacts of fair value accounting effects, relative to management’s internal measure of performance, and a reconciliation to GAAP information is
also set out below. Further information on fair value accounting effects is provided on page 269.
$ million
2013 2012 2011
Upstream
Unrecognized gains (losses) brought forward from previous period (404) (538) (527)
Unrecognized (gains) losses carried forward 160 404 538
Favourable (unfavourable) impact relative to management’s measure of performance (244) (134) 11
Downstreama
Unrecognized gains (losses) brought forward from previous period 501 74 137
Unrecognized (gains) losses carried forward (679) (501) (74)
Favourable (unfavourable) impact relative to management’s measure of performance (178) (427) 63
(422) (561) 74
Taxation credit (charge)b142 216 (27)
(280) (345) 47
By region
Upstream
US (269) (67) 15
Non-US 25 (67) (4)
(244) (134) 11
Downstreama
US (211) (441) –
Non-US 33 14 63
(178) (427) 63
aFair value accounting effects arise solely in the fuels business.
bTax is calculated using the group’s discrete quarterly effective tax rate (adjusted for the Gulf of Mexico oil spill, equity-accounted earnings, certain impairment losses, disposal gains and fair value gains
and losses on embedded derivatives and certain deferred tax adjustments relating to changes in UK taxation).
Reconciliation of non-GAAP information
$ million
2013 2012 2011
Upstream
Replacement cost profit before interest and tax adjusted for fair value accounting effects 16,901 22,625 26,347
Impact of fair value accounting effects (244) (134) 11
Replacement cost profit before interest and tax 16,657 22,491 26,358
Downstream
Replacement cost profit before interest and tax adjusted for fair value accounting effects 3,097 3,291 5,407
Impact of fair value accounting effects (178) (427) 63
Replacement cost profit before interest and tax 2,919 2,864 5,470
Total group
Profit before interest and tax adjusted for fair value accounting effects 32,191 20,330 39,741
Impact of fair value accounting effects (422) (561) 74
Profit before interest and tax 31,769 19,769 39,815
238 BP Annual Report and Form 20-F 2013