On the 20th April 2010, BP plc. , the third biggest market shareholder oil producer all over the world, was gearing up for reporting positive first quarter results. An explosion took place at Deep-water Horizon, causing death of 11 workers and leading to an injury of 16 others. During the next two days, the rig burned and sank, resulting in a gigantic offshore oil spill in the Gulf of Mexico.
The spill was considered "the biggest environmental disaster to hit the United States" and the biggest inadvertent marine spill over in history. The financial reporting consequences of accident and later claims of recognition and measurement of provisions and relevant expenses, and disclosure of contingent liabilities, were a major consideration for its particular investors and BP.
PUBLICATION DATE: March 01, 2015 PRODUCT #: A220-PDF-ENG
This is just an excerpt. This case is about FINANCE & ACCOUNTING
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