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Question - British Petroleum's income statement was prepared using IFRS is presented below (in $ millions).
Group income statementFor the year ended 31 December
2013
2012
Sales and other operating revenues
379,136
375,765
Earnings from joint ventures-after interest and tax
447
260
Earnings from associates-after interest and tax
2,742
3,675
Interest and other income
777
1,677
Gains on sale of businesses and fixed assets
13,115
6,697
Total revenues and other income
396,217
388,074
Purchases
298,351
292,774
Production and manufacturing expenses
27,527
33,926
Production and similar taxes
7,047
8,158
Depreciation, depletion and amortization
13,510
12,687
Impairment and losses on sale of businesses and fixed assets
1,961
6,275
Exploration expense
3,441
1,475
Distribution and administration expenses
13,070
13,357
Fair values gain on embedded derivatives
(459)
(347)
Profit before interest and taxation.
31,769
19,769
Finance costs
1,068
1,072
Net finance expense relating to pensions and other post-retirement benefits
480
566
Pofit before taxation
30,221
18,131
Taxation
6,463
6,880
Profit for the year
23,758
11,251
Attributable to
BP shareholders
23,451
11,017
Non-controlling interests
307
234
Earnings per share-cents
Profit for the year attributable to BP shareholders
Baisc
123.87
57.89
Diluted
123.12
57.50
ExxonMobil Corporation's income statement prepared using U.S. GAAP is presented below (in $ millions).
Consolidated Statement of Income
(millions of dollars)
Revenues and other income
420,836
451,509
Sales and other operating revenue (I)
Income from equity affiliates
13,927
15,010
Other income
3,492
14,162
438,255
480,681
Costs and other deductions
Crude oil and product purchases
244,156
263,535
40,525
38,521
Selling, general and administrative expenses
12,877
13,877
Depreciation and depletion
17,182
15,888
Exploration expenses, including dry holes
1,976
1,840
Interest expense
9
327
Sales-based taxes (I)
30,589
32,409
Other taxes and duties
33,230
35,558
Total Costs and other dedctions
380,544
401,955
Income before income taxes
57,711
78,726
Income taxes
24,263
31,045
Net income including noncontrollin interests
33,448
47,681
Net income attributable to noncontrolling interests
868
2,801
Net income attributable to ExxonMobil
32,580
44,880
Earnings per common share (dollars)
7.37
9.70
Earnings per common share - assuming dilution (dollars)
Required -
A. Are expenditures reported on BP's income statement reported by function or by nature of the expense? Be specific. Do you think that this format is more or less useful for users of the financial statements?
B. On the BP income statement, what is the "earnings from associates" usually called in the U.S.?
C. On ExxonMobil's income statement, are the expenses listed by function or by nature?
D. Compare the performance of BP relative to ExxonMobil. Is it easy to compare the numbers from companies using IFRS to companies using U.S. GAAP?
E. Does it matter that BP is using FIFO and ExxonMobil is using LIFO for inventory? The LIFO reserve decreased by $282 million in 2013.
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