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Question #1: Explain the three components of the $32.2 billion pre-tax charge in second quarter...

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Accounting

Question #1: Explain the three components of the $32.2 billion pre-tax charge in second quarter 2010? Which components create a liability?
Question #2: In the absence of the trust, could BP make an arguement to not recognize any contingent liability in the second quarter of 2010 when applying IAS 37?
Question #3: Measurement of these liabilities requires significant judgment. What are the advantages and disadvantages of underestimating versus overestimating the amount?
Question #4:What incentives do BP's auditors have in the decision to recognize versus disclose contingent liability? What incentives do BP's lawyers have in the decision?

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