BP 2007 Annual Report Download - page 95

Financial statements contents
Consolidated financial statements of the BP group
Statement of directors’ responsibilities in respect
of the consolidated financial statements 94
Independent auditor’s report to the members of BP p.l.c. 95
Group income statement 96
Group balance sheet 97
Group cash flow statement 98
Group statement of recognized income and expense 99
Notes on financial statements
1Significant accounting policies 100
2Acquisitions 109
3Non-current assets held for sale and discontinued operations 110
4Disposals 111
5Segmental analysis 113
6Interest and other revenues 119
7Gains on sale of businesses and fixed assets 119
8Production and similar taxes 120
9Depreciation, depletion and amortization 120
10 Impairment and losses on sale of businesses and fixed assets 121
11 Impairment of goodwill 122
12 Distribution and administration expenses 125
13 Currency exchange gains and losses 125
14 Research and development 125
15 Operating leases 126
16 Exploration for and evaluation of oil and natural gas resources 127
17 Auditors’ remuneration 127
18 Finance costs 128
19 Other finance income and expense 128
20 Taxation 128
21 Dividends 130
22 Earnings per ordinary share 131
23 Property, plant and equipment 132
24 Goodwill 133
25 Intangible assets 133
26 Investments in jointly controlled entities 134
27 Investments in associates 135
28 Financial instruments and financial risk factors 136
29 Other investments 141
30 Inventories 141
31 Trade and other receivables 141
32 Cash and cash equivalents 142
33 Trade and other payables 142
34 Derivative financial instruments 143
35 Finance debt 148
36 Capital disclosures and analysis of changes in net debt 150
37 Provisions 151
38 Pensions and other post-retirement benefits 152
39 Called up share capital 157
40 Capital and reserves 158
41 Share-based payments 160
42 Employee costs and numbers 164
43 Remuneration of directors and senior management 164
44 Contingent liabilities 165
45 Capital commitments 166
46 Subsidiaries, jointly controlled entities and associates 167
47 Oil and natural gas exploration and production activities 169
Additional information for US reporting
48 Suspended exploration well costs 172
49 Auditor’s remuneration for US reporting 175
50 Valuation and qualifying accounts 175
51 Computation of ratio of earnings to fixed charges 176
Supplementary information on oil and natural gas 177
Parent company financial statements of BP p.l.c.
Statement of directors’ responsibilities in respect
of the parent company financial statements 186
Independent auditor’s report to the members of BP p.l.c. 187
Company balance sheet 188
Company cash flow statement 189
Statement of total recognized gains and losses 189
Notes on financial statements
1Accounting policies 190
2Taxation 191
3Fixed assets – investments 192
4Debtors 192
5Creditors 193
6Pensions 193
7Called up share capital 195
8Capital and reserves 196
9Cash flow 197
10 Contingent liabilities 197
11 Share-based payments 197
12 Auditors’ remuneration 201
13 Directors’ remuneration 201
BP ANNUAL REPORT AND ACCOUNTS 2007 93