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In April 2010, BP PLC’s Macondo well in the Gulf of Mexico caused the largest oi

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In April 2010, BP PLC’s Macondo well in the Gulf of Mexico caused the largest oil spill and one of the worst environmental disasters in U.S. history. The spill’s financial costs to BP were enormous but also highly uncertain in the years that followed. BP reports under IFRS and accounted for many of the spill’s costs using IAS 37. Students will consider the impact on the financial statements of environmental costs, litigation and claims, and Clean Water Act penalties.
Read the case and submit a Word document with your response to questions 1-4.

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