BP 2006 Annual Report Download - page 95

BP Annual Report and Accounts 2006 93
Financial statements contents
Consolidated financial statements of the BP group
Statement of directors’ responsibilities in respect
of the consolidated financial statements 94
Independent auditor’s report 95
Group income statement 96
Group balance sheet 97
Group cash flow statement 98
Group statement of recognized income and expense 99
Notes on financial statements
1Significant accounting policies 100
2Resegmentation and other changes to comparatives 109
3Oil and natural gas reserves estimates 110
4Acquisitions 111
5Non-current assets held for sale and discontinued operations 111
6Disposals 112
7Segmental analysis 113
8Earnings from jointly controlled entities and associates 120
9Interest and other revenues 120
10 Gains on sale of businesses and fixed assets 121
11 Production and similar taxes 121
12 Depreciation, depletion and amortization 122
13 Impairment and losses on sale of businesses and fixed assets 123
14 Impairment of goodwill 124
15 Distribution and administration expenses 126
16 Currency exchange gains and losses 126
17 Research 127
18 Operating leases 127
19 Exploration for and evaluation of oil and natural gas resources 128
20 Auditors’ remuneration 128
21 Finance costs 129
22 Other finance income and expense 129
23 Taxation 130
24 Dividends 132
25 Earnings per ordinary share 133
26 Property, plant and equipment 134
27 Goodwill 135
28 Intangible assets 135
29 Investments in jointly controlled entities 136
30 Investments in associates 137
31 Other investments 138
32 Inventories 138
33 Trade and other receivables 139
34 Cash and cash equivalents 139
35 Trade and other payables 140
36 Derivative financial instruments 141
37 Derivative financial instruments (UK GAAP) 148
38 Finance debt 149
39 Analysis of changes in net debt 151
40 Provisions 152
41 Pensions and other post-retirement benefits 152
42 Called up share capital 158
43 Capital and reserves 160
44 Share-based payments 163
45 Employee costs and numbers 166
46 Remuneration of directors and key management 167
47 Contingent liabilities 168
48 Capital commitments 168
49 First-time adoption of International Financial Reporting Standards 168
50 Subsidiaries, jointly controlled entities and associates 171
51 Oil and natural gas exploration and production activities 173
Additional information for US reporting
52 Suspended exploration well costs 176
53 US GAAP reconciliation 179
54 Auditors’ remuneration for US reporting 194
55 Summarized financial information on jointly controlled entities
and associates 195
56 Valuation and qualifying accounts 195
57 Computation of ratio of earnings to fixed charges 195
Supplementary information on oil and natural gas 196
Parent company financial statements of BP p.l.c.
Statement of directors’ responsibilities in respect
of the parent company financial statements 205
Independent auditor’s report 206
Company balance sheet 207
Company cash flow statement 208
Statement of total recognized gains and losses 208
Notes on financial statements
1Accounting policies 209
2Taxation 210
3Fixed assets – investments 211
4Debtors 211
5Creditors 211
6Pensions 212
7Called up share capital 214
8Capital and reserves 215
9Cash flow 215
10 Contingent liabilities 216
11 Share-based payments 216
12 Auditors’ remuneration 220
13 Directors’ remuneration 220