BP 2005 Annual Report Download - page 144

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142 Making energy more
Parent company financial statements of BP p.l.c.
Statement of directors’ responsibilities in respect of the parent company financial statements
The directors are responsible for preparing the financial statements in accordance with applicable United Kingdom law and United Kingdom
generally accepted accounting practice.
Company law requires the directors to prepare financial statements for each financial year that give a true and fair view of the state of affairs
of the company. In preparing these financial statements, the directors are required:
••• To select suitable accounting policies and then apply them consistently;
••• To make judgements and estimates that are reasonable and prudent;
••• To state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the
financial statements;
••• To prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of
the company and enable them to ensure that the financial statements comply with the Companies Act 1985. They are also responsible for
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors confirm that they have complied with these requirements, and having a reasonable expectation that the company has adequate
resources to continue in operational existence for the foreseeable future, continue to adopt the going concern basis in preparing the financial
statements.