BP 2006 Annual Report Download - page 171

BP Annual Report and Accounts 2006 169
49 First-time adoption of International Financial Reporting Standards continued
The reconciliation set out below shows the adjustments to the group balance sheet at 1 January 2005 on the adoption of IAS 32 and IAS 39.
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Group balance sheet reconcilation $ million
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
IFRS at
31 December
2004
Fair value
hedges
Cash flow
hedges
Non-
qualifying
hedge
derivatives
Other
non-
financial
contracts
at fair
value
Other
non-
financial
contracts
no longer
at fair value
Available-
for-sale
financial
assets
Embedded
derivatives
Elimination
of
deferred
gains/
losses
Total
IAS 39
adjustments
IFRS at
1January
2005
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Non-current assets
Property, plant and equipment 93,092–––––––– –93,092
Goodwill 10,857–––––––– –10,857
Intangible assets 4,205–––––––– –4,205
Investments in jointly controlled entities 14,556–––––––– –14,556
Investments in associates 5,486–––––––– –5,486
Other investments 394–––––344––344738
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Fixed assets 128,590–––––344––344128,934
Loans 811–––––––– –811
Other receivables 429–––––––– –429
Derivative financial instruments 898 112 79 8 110 (34) – 599 (147) 727 1,625
Prepayments and accrued income 354–––––––– –354
Defined benefit pension plan surplus 2,105–––––––– –2,105
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133,187 112 79 8 110 (34) 344 599 (147) 1,071 134,258
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Current assets
Loans 193–––––––– –193
Inventories 15,645–––––––– –15,645
Trade and other receivables 37,099–(2)––––––(2)37,097
Derivative financial instruments 5,317 – 141 178 34 47 – 278 – 678 5,995
Prepayments and accrued income 1,671–––––––– –1,671
Current tax receivable 159–––––––– –159
Cash and cash equivalents 1,359–––––––– –1,359
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61,443 – 139 178 34 47 – 278 – 676 62,119
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Total assets 194,630 112 218 186 144 13 344 877 (147) 1,747 196,377
Current liabilities
Trade and other payables 38,540–––––––– –38,540
Derivative financial instruments 5,074 – 16 210 14 – – 402 – 642 5,716
Accruals and deferred income 4,482–––––––– –4,482
Finance debt 10,184–––––––– –10,184
Current tax payable 4,131–––––––– –4,131
Provisions 715–––––––– –715
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63,126 – 16 210 14 – – 402 – 642 63,768
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Non-current liabilities
Other payables 3,581–––––––– –3,581
Derivative financial instruments 158 129 4 17 12 – – 1,151 – 1,313 1,471
Accruals and deferred income 699–––––––– –699
Finance debt 12,907(17)––––––16414713,054
Deferred tax liabilities 16,701 – 60 (13) 44 5 114 (267) (55) (112) 16,589
Provisions 8,884–––––––– –8,884
Defined benefit pension plan and other
post-retirement benefit plan deficits 10,339–––––––– –10,339
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53,269 112 64 4 56 5 114 884 109 1,348 54,617
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Total liabilities 116,395 112 80 214 70 5 114 1,286 109 1,990 118,385
Net assets 78,235 – 138 (28) 74 8 230 (409) (256) (243) 77,992
BP shareholders’ equity 76,892 – 138 (28) 74 8 230 (409) (256) (243) 76,649
Minority interest 1,343–––––––– –1,343
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Total equity 78,235 – 138 (28) 74 8 230 (409) (256) (243) 77,992
The fair values of embedded derivatives are included within non-current and current derivative financial instruments on the group balance sheet as this
is believed to be the most appropriate presentation. Previously, these balances were reported within non-current and current prepayments and accrued
income and accruals and deferred income.