Accounting in British Petroleum
Scope, Aims, and Objectives
The research project proposed herein will examine the role of accounting in the past progression and current situation of British Petroleum, the company that came under intense public scrutiny last year due to the Deepwater Horizon oil spill that occurred in the Gulf of Mexico (Urbina 2010). In the ensuing year since the accident in the Gulf, however, interest in BP and its internal practices seems to have waned considerably, reducing the likelihood that useful and practical regulations in accounting and strategy practices for the industry can be developed from this spill. The aims of the study are to provide an in-depth analysis of accounting procedures at BP, how they affected/were affected by the Deepwater Horizon spill, and how these accounting practices and adjustments compare to industry standards and regulations. The objective will be to determine the strength of BP as a company and the rigor of its internal accounting procedures, in order to form a more accurate view of the company's current position and its future potential in the oil and gas industry.
Chapter Breakdown
The first chapter will contain detailed information about BP's history in the first decade of the twentieth century through its rise to become one of the largest petroleum extractors and refiners in the world (BP 2011). This will be utilized to demonstrate basic principles and procedures in the company, impacting on the implications...
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