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The statement of financial position provides creditors, investors, and analysts with information on company's resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company's assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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BP PLC, Consolidated Statement of Financial Position, Assets
USD $ in millions
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
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Property, plant and equipment | |
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Goodwill | |
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Intangible assets | |
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Group share of net assets of jointly controlled entities and associates | |
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Loans made by group companies to jointly controlled entities and associates | |
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Investments in jointly controlled entities and associates | |
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Other investments | |
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Loans | |
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Other receivables | |
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Derivative financial instruments | |
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Prepayments | |
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Deferred tax assets | |
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Defined benefit pension plan surpluses | |
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Non-current assets | |
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Loans | |
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Inventories | |
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Trade receivables | |
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Other receivables | |
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Trade and other receivables | |
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Derivative financial instruments | |
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Prepayments | |
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Current tax receivable | |
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Other investments | |
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Cash and cash equivalents | |
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Assets classified as held for sale | |
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Current assets | |
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Total assets | |
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| Item | Description | The company |
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| Property, plant and equipment | Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. | BP PLC's property, plant and equipment increased from 2009 to 2010 and from 2010 to 2011. |
| Non-current assets | Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer. | BP PLC's non-current assets increased from 2009 to 2010 and from 2010 to 2011. |
| Inventories | Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). | BP PLC's inventories increased from 2009 to 2010 but then slightly declined from 2010 to 2011. |
| Trade receivables | Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. | BP PLC's trade receivables increased from 2009 to 2010 and from 2010 to 2011. |
| Other investments | Investments which are intended to be sold in the short term (usually less than one year or the normal operating cycle, whichever is longer) including trading securities, available-for-sale securities, held-to-maturity securities, and other short-term investments not otherwise listed. | BP PLC's other investments increased from 2009 to 2010 but then slightly declined from 2010 to 2011 not reaching 2009 level. |
| Cash and cash equivalents | Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. | BP PLC's cash and cash equivalents increased from 2009 to 2010 but then slightly declined from 2010 to 2011. |
| Current assets | Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. | BP PLC's current assets increased from 2009 to 2010 and from 2010 to 2011. |
| Total assets | Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. | BP PLC's total assets increased from 2009 to 2010 and from 2010 to 2011. |
May 19, 2012