BP 2015 Annual Report Download - page 98

Going concern
In accordance with provision C.1.3 of the Code, the directors have made an
assessment of the group’s ability to continue as a going concern and
consider it appropriate to adopt the going concern basis of accounting in
preparing the financial statements.
Longer-term viability
In accordance with provision C.2.2 of the Code, the directors have
assessed the prospects of the company over a period significantly longer
than 12 months. The directors believe that an assessment period of three
years is appropriate based on management’s reasonable expectations of
the position and performance of the company over this period, taking
account of its short-term and longer-range plans.
Taking into account the company’s current position and its principal risks,
the directors have a reasonable expectation that the company will be able
to continue in operation and meet its liabilities as they fall due over three
years.
The directors’ assessment included a review of the financial impact of the
most severe but plausible scenarios that could threaten the viability of the
company and the likely effectiveness of the potential mitigations that
management reasonably believes would be available to the company over
this period.
In assessing the prospects of the company, the directors noted that such
assessment is subject to a degree of uncertainty that can be expected to
increase looking out over time and, accordingly, that future outcomes
cannot be guaranteed or predicted with certainty.
Fair, balanced and understandable
The board considers the Annual Report and financial statements, taken as
a whole, is fair, balanced and understandable and provides the information
necessary for shareholders to assess the company’s position and
performance, business model and strategy.
This page does not form part of BP’s Annual Report on Form 20-F as filed with the SEC.
BP Annual Report and Form 20-F 201594