BP 2005 Annual Report Download - page 128
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126 Making energy more
Notes on financial statements continued
50 First-time adoption of International Financial Reporting Standards continued
Elimination of currently deferred gains and losses from derivatives Under UK GAAP, gains and losses from derivatives are deferred and recognized
in earnings or as adjustments to carrying amounts, as appropriate, when the underlying debt matures or the hedged transaction occurs. Where
derivatives that are used to manage interest rate risk, to convert non-US dollar debt or to hedge other anticipated cash flows are terminated before
the underlying debt matures or the hedged transaction occurs, the resulting gain or loss is recognized on a basis that matches the timing and
accounting treatment of the underlying debt or hedged transaction.
On transition to IFRS, only assets and liabilities that qualify as such can continue to be recognized. Consequently, all gains and losses that were
generated by derivatives used for hedging purposes and deferred in the balance sheet as if they were assets or liabilities must be eliminated from
the transitional balance sheet. This is achieved by transferring gains and losses arising from cash flow hedges to equity, pending recycling to
income at a later date, and by transferring gains and losses arising from fair value hedges to adjust the carrying value of the hedged item, in this
case, finance debt.
Increase (decrease) in caption heading $ million
At 1 January
2005
Non-current assets – prepayments and accrued income (147)
Finance debt 164
Deferred tax liabilities (55)
Total equity (256)