BP 2010 Annual Report Download - page 146
Download and view the complete annual report
Please find page 146 of the 2010 BP annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.ConsolidatednancialstatementsoftheBPgroup
ReportofIndependentRegisteredPublicAccountingFirmonthe
AnnualReportonForm20-F
The Board of Directors and Shareholders of BP p.l.c.
WehaveauditedtheaccompanyinggroupbalancesheetsofBPp.l.c.asof31December2010and2009,andtherelatedgroupincomestatement,group
cashowstatement,groupstatementofcomprehensiveincomeandgroupstatementofchangesinequity,foreachofthethreeyearsintheperiod
ended31December2010.Thesenancialstatementsaretheresponsibilityofthecompany’smanagement.Ourresponsibilityistoexpressanopinionon
thesenancialstatementsbasedonouraudits.
WeconductedourauditsinaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates).Thosestandards
requirethatweplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthenancialstatementsarefreeofmaterialmisstatement.An
auditincludesexamining,onatestbasis,evidencesupportingtheamountsanddisclosuresinthenancialstatements.Anauditalsoincludesassessing
theaccountingprinciplesusedandsignicantestimatesmadebymanagement,aswellasevaluatingtheoverallnancialstatementpresentation.We
believethatourauditsprovideareasonablebasisforouropinion.
Inouropinion,thenancialstatementsreferredtoabovepresentfairly,inallmaterialrespects,thegroupnancialpositionofBPp.l.c.at31December
2010and2009,andthegroupresultsofoperationsandcashowsforeachofthethreeyearsintheperiodended31December2010,inaccordancewith
InternationalFinancialReportingStandardsasadoptedbytheEuropeanUnionandInternationalFinancialReportingStandardsasissuedbytheInternational
AccountingStandardsBoard.
InformingouropinionwehaveconsideredtheadequacyofthedisclosuresmadeinNotes2,37and44tothenancialstatementsconcerningthe
provisions,futureexpendituresforwhichreliableestimatescannotbemadeandothercontingenciesrelatedtotheGulfofMexicooilspillsignicantevent.
ThetotalamountsthatwillultimatelybepaidbyBPinrelationtoallobligationsrelatingtotheincidentaresubjecttosignicantuncertaintyandtheultimate
exposureandcosttoBPwillbedependentonmanyfactors.Actualcostscouldultimatelybesignicantlyhigherorlowerthanthoserecordedastheclaims
andsettlementprocessprogresses.Ouropinionisnotqualiedinrespectofthesematters.
Wealsohaveaudited,inaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates),BPp.l.c.’sinternal
controlovernancialreportingasof31December2010,basedoncriteriaestablishedintheInternalControl:RevisedGuidanceforDirectorsonthe
CombinedCode(Turnbull)asissuedbytheInstituteofCharteredAccountantsinEnglandandWales(theTurnbullcriteria)andourreportdated2March
2011expressedanunqualiedopinionthereon.
/s/ERNST & YOUNG LLP
Ernst&YoungLLP
London,England
2March2011
ThemaintenanceandintegrityoftheBPp.l.c.websitearetheresponsibilityofthedirectors;theworkcarriedoutbytheauditorsdoesnotinvolveconsiderationofthesemattersand,accordingly,the
auditorsacceptnoresponsibilityforanychangesthatmayhaveoccurredtothenancialstatementssincetheywereinitiallypresentedonthewebsite.
LegislationintheUnitedKingdomgoverningthepreparationanddisseminationofnancialstatementsmaydifferfromlegislationinotherjurisdictions.
144BPAnnualReportandForm20-F2010