BP 2005 Annual Report Download - page 40

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38 Making energy more
NEW STANDARDS AND INTERPRETATIONS NOT APPLIED
During the year, the IASB and the International Financial Reporting Interpretations Committee (IFRIC) have issued the following standards and
interpretations with an effective date after the date of these financial statements:
International Accounting Standards (IAS/IFRSs) Effective date
IFRS 7 Financial Instruments: Disclosures 1 January 2007
IAS 1 Amendment – Presentation of Financial Statements: Capital Disclosures 1 January 2007
IAS 21 Amendment – Net Investment in Foreign Operation
(Yet to be adopted by the EU) 1 January 2006
IAS 39 Fair Value Option 1 January 2006
IAS 39 Amendment to IAS 39 and IFRS 4 – Financial Guarantee Contracts 1 January 2006
IFRIC interpretations
IFRIC 5 Rights to Interests Arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds 1 January 2006
IFRIC 6 Liabilities Arising from Participating in a Specific Market
– Waste Electrical and Electronic Equipment 1 December 2005a
IFRIC 7 Applying IAS 29 for the First Time
(Yet to be adopted by the EU) 1 March 2006
IFRIC 8 Scope of IFRS 2
(Yet to be adopted by the EU) 1 May 2006
The directors do not anticipate that the adoption of these standards and interpretations will have a material impact on the consolidated financial
statements in the period of initial application.
Upon adoption of IFRS 7, the group will disclose additional information about its financial instruments, their significance and the nature and
extent of risks to which they give rise. More specifically, the group will be required to disclose the fair value of its financial instruments and its risk
exposure in greater detail. There will be no effect on reported income or net assets.
aIFRIC 6 is effective for financial periods beginning on or after 1 December 2005.