Link: FRS 17 special area
Strong oil prices will help the company to pay this off, allowing it to reduce its deficit quicker than most companies.
BP said reducing the pension liability would be the priority of its free cash flow for the rest of the year.
The announcement follows warnings from the CBI this week that an estimated £160bn UK-wide corporate pensions deficit will hit economic growth as companies use profits to pay liabilities.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements