What are these "non-operational items"? How do these "fair values" effect BP's future performance?
BP's "non-operating items and fair value accounting effects."
"All amounts relating to the Gulf of Mexico oil spill have been treated as non-operating items,..."
"BP believes that underlying RC profit or loss is a useful measure for investors because it is a measure closely tracked by management to evaluate BP's operating performance and to make financial, strategic and operating decisions and because it may help investors to understand and evaluate, in the same manner as management, the underlying trends in BP's operational performance on a comparable basis, period on period, by adjusting for the effects of these "non-operating items and fair value accounting effects."
Google: How Fair Is Fair-Value Accounting?
Liz Moyer, Forbes Staff
6/25/2008 @ 6:00AM
"The SEC wants to air concerns about the usefulness of fair-value accounting and whether current standards can be improved. It also plans to talk about market behavior related to fair-value accounting and the challenges of applying the rules."
BP 3RD QUARTER RESULTS filed with the SEC on 29 October 2013
"The cumulative income statement charge does not include amounts for obligations that BP considers are not possible, at this time, to measure reliably. The total amounts that will ultimately be paid by BP in relation to all the obligations relating to the incident are subject to significant uncertainty and the ultimate exposure and cost to BP will be dependent on many factors, as discussed under Provisions and contingent liabilities in Note 2 on page 27, including in relation to any new information or future developments. These could have a material impact on our consolidated financial position, results of operations and cash flows. The risks associated with the incident could also heighten the impact of the other risks to which the group is exposed, as further described under Principal risks and uncertainties on pages 35 - 42 of our second-quarter results announcement."