Example: biology

Financial statements - BP

129 Financial statementsbp Annual Report and Form 20-F 2020 Consolidated Financial statements of the bp groupIndependent auditor s reports 130 Group income statement 155 Group statement of comprehensive income 156 Group statement of changes in equity 157 Group balance sheet 158 Group cash flow statement 159 Notes on Financial statements1. Significant accounting policies 1602. Non-current assets held for sale 177 3. Business combinations and other significant transactions 1774. Disposals and impairment 178 5. Segmental analysis 1806. Revenue from contracts with customers 1837. Income statement analysis 1838. Exploration expenditure 1849. Taxation 18410. Dividends 18611. Earnings per share 18712. Property, plant and equipment 18913. Capital commitments 19014. Goodwill 19015. Intangible assets 19116. Investments in joint ventures 19217. Investments in associates 19218. Other investments 195 The Thunder Horse platform is located in the US Gulf of Mexico, around 150 miles southeast of New Orleans, in over 6,000 feet of Inventories 19520.

• The financial statements have been prepared in accordance with the requirements of the Companies Act 2006 and, as regards the group financial statements, Article 4 of the IAS Regulation. We have audited the financial statements of BP p.l.c. which comprise the: • Group income statement; • Group statement of comprehensive income;

Tags:

  Testament, Financial, Financial statements, Accordance, In accordance

Information

Domain:

Source:

Link to this page:

Please notify us if you found a problem with this document:

Other abuse

Transcription of Financial statements - BP

1 129 Financial statementsbp Annual Report and Form 20-F 2020 Consolidated Financial statements of the bp groupIndependent auditor s reports 130 Group income statement 155 Group statement of comprehensive income 156 Group statement of changes in equity 157 Group balance sheet 158 Group cash flow statement 159 Notes on Financial statements1. Significant accounting policies 1602. Non-current assets held for sale 177 3. Business combinations and other significant transactions 1774. Disposals and impairment 178 5. Segmental analysis 1806. Revenue from contracts with customers 1837. Income statement analysis 1838. Exploration expenditure 1849. Taxation 18410. Dividends 18611. Earnings per share 18712. Property, plant and equipment 18913. Capital commitments 19014. Goodwill 19015. Intangible assets 19116. Investments in joint ventures 19217. Investments in associates 19218. Other investments 195 The Thunder Horse platform is located in the US Gulf of Mexico, around 150 miles southeast of New Orleans, in over 6,000 feet of Inventories 19520.

2 Trade and other receivables 19521. Valuation and qualifying accounts 19622. Trade and other payables 19623. Provisions 19724. Pensions and other post-retirement benefits 19725. Cash and cash equivalents 20426. Finance debt 20427. Capital disclosures and net debt 20528. Leases 20629. Financial instruments and Financial risk factors 20630. Derivative Financial instruments 21131. Called-up share capital 21932. Capital and reserves 22033. Contingent liabilities and legal proceedings 22534. Remuneration of senior management and non-executive directors 22835. Employee costs and numbers 22936. Auditor s remuneration 22937. Subsidiaries, joint arrangements and associates 23038. Condensed consolidating information on certain US subsidiaries 230 Supplementary information on oil and natural gas (unaudited)Oil and natural gas exploration and production activities 232 Movements in estimated net proved reserves 238 Standardized measure of discounted future net cash flows and changes therein relating to proved oil and gas reserves 253 Operational and statistical information 256 Parent company Financial statements of BP balance sheet 259 Company statement of changes in equity 260 Notes on Financial statements 2611.

3 Significant accounting policies 2612. Investments 2653. Receivables 2664. Pensions 2675. Payables 2706. Taxation 2717. Called-up share capital 2718. Capital and reserves 2729. Financial guarantees 27210. Share-based payments 27311. Auditor s remuneration 27312. Directors remuneration 27313. Employee costs and numbers 27314. Related undertakings 274 Consolidated Financial statements of the bp group Independent auditor s report to the members of BP Report on the audit of the Financial statements1. OpinionIn our opinion: The Financial statements of BP (the parent company ) and its subsidiaries (the group ) give a true and fair view of the state of the group s andof the parent company s affairs as at 31 December 2020 and of the group s loss for the year then ended. The group Financial statements have been properly prepared in accordance with international accounting standards in conformity with therequirements of the Companies Act 2006, International Financial Reporting Standards (IFRSs) as adopted by the European Union and IFRS asissued by the International Accounting Standards Board (IASB).

4 The parent company Financial statements have been properly prepared in accordance with United Kingdom accounting standards (United Kingdomgenerally accepted accounting practice), including Financial Reporting Standard (FRS) 101 Reduced Disclosure Framework'. The Financial statements have been prepared in accordance with the requirements of the Companies Act 2006 and, as regards the group financialstatements, Article 4 of the IAS have audited the Financial statements of BP which comprise the: Group income statement; Group statement of comprehensive income; Group and parent company statements of changes in equity; Group and parent company balance sheets; Group cash flow statement; Group related Notes 1 to 38 to the Financial statements , including a summary of significant accounting policies; and Parent company related Notes 1 to 14 to the Financial statements , including a summary of significant accounting Financial reporting framework that has been applied in the preparation of the group Financial statements is applicable law and IFRSs as adopted by the European Union and as issued by the IASB.

5 As regards the parent company Financial statements , the Financial reporting framework that has been applied in their preparation is applicable law and United Kingdom accounting standards (United Kingdom generally accepted accounting practice), including FRS 101 'Reduced Disclosure Framework'.2. Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor s responsibilities for the audit of the Financial statements section of our report. We are independent of the group and the parent company in accordance with the ethical requirements that are relevant to our audit of the Financial statements in the UK, including the Financial Reporting Council s (the FRC s ) Ethical Standard as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

6 The non-audit services provided to the group and parent company for the year are disclosed in Note 36 to the Financial statements . We confirm that the non-audit services prohibited by the FRC s Ethical Standard were not provided to the group or the parent believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our Summary of our audit approachKey audit mattersThe key audit matters tha t we identi fied in the cur rent year were: COVID-19 and the resulting significant changes to the business environment; Potential impact of climate change and the energy transition; Impairment of upstream oil and gas property, plant and equipment (PP&E) assets; Write-off of exploration and appraisal (E&A) assets; Accounting for structured commodity transactions (SCTs) within the trading and shipping (T&S) function, and the valuation of other level 3 Financial instruments, where fraud risks may arise in revenue recognition; IT controls relating to Financial systems.

7 And Management override of controls. This year we identified COVID-19 and the related significant changes to the business environment as a key audit matter, given the consequential impact on the Financial statements and the focus on this issue by management and by external stakeholders. All other key audit matters are consistent with those we identified in the prior materiality that we used for the group Financial statements was $600 million (2019 $850 million) which was determined based on net adopted a different basis to determine the materiality used to audit the group Financial statements this year. In the prior year we used profit-based metrics but this year we used net assets due to the significant losses incurred as a consequence, inter alia, of the COVID-19 pandemic and in particular the decrease in oil and gas prices. This page does not form part of bp's Annual Report on Form 20-F as filed with the Annual Report and Form 20-F 2020 ScopingOur scope covered 277 consolidation units (cons units).

8 Of these, 173 were full-scope audits and the remaining 104 were subject to specific procedures on certain account balances by component audit teams or the group audit team. These covered 82% of group revenue and 75% of PP&E. The remaining 642 cons unit were subject to other procedures, including conducting analytical reviews, making inquiries, and evaluating and testing management's group-wide relating to going concernIn auditing the Financial statements , we have concluded that the directors use of the going concern basis of accounting in the preparation of the Financial statements is evaluation of the directors assessment of the group s and parent company s ability to continue to adopt the going concern basis of accounting included: an assessment of whether material uncertainties existed that could cast significant doubt on the entity s ability to continue as a going concern for at least 12 months after the date of approval of the Financial statements ; an assessment of the financing facilities including nature of facilities, repayment terms and covenants.

9 Testing of clerical accuracy and appropriateness of the model used to prepare the forecasts; an assessment of the assumptions used in the forecasts; an assessment of management s identified potential mitigating actions and the appropriateness of the inclusion of these in the going concern assessment; an assessment of the historical accuracy of forecasts prepared by management; reperformance of management s sensitivity analysis; and an assessment of the disclosures made within the Financial statementsBased on our assessment, we concluded that the assumptions used by management were in the acceptable range and the disclosures made within the Financial statements were on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company s ability to continue as a going concern for a period of at least twelve months from when the Financial statements are authorised for relation to the reporting on how the group has applied the UK Corporate Governance Code.

10 We have nothing material to add or draw attention to in relation to the directors statement in the Financial statements about whether the directors considered it appropriate to adopt the going concern basis of responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this audit mattersKey audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement the course of our audit, we identify risks of material misstatement ( risks ).


Related search queries