BP 2005 Annual Report Download - page 30
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28 Making energy more
Statement of directors’ responsibilities in respect of the
consolidated financial statements
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable United Kingdom law
and those International Financial Reporting Standards (IFRSs) adopted by the European Union.
The directors are required to prepare financial statements for each financial year that present fairly the financial position of the group and the
financial performance and cash flows of the group for that period. In preparing those financial statements, the directors are required:
••• To select suitable accounting policies and then apply them consistently;
••• To present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
••• To provide additional disclosure when compliance with the specific requirements in IFRSs is insufficient to enable users to understand the
impact of particular transactions, other events and conditions on the group’s financial position and financial performance; and
••• To state that the company has complied with IFRSs, subject to any material departures disclosed and explained in the financial statements.
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position
of the group and enable them to ensure that the financial statements comply with the Companies Act 1985 and Article 4 of the IAS Regulation.
They are also responsible for safeguarding the assets of the group 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 group has adequate resources
to continue in operational existence for the foreseeable future, continue to adopt the going concern basis in preparing the financial statements.