BP Annual Review 2003 Introduction Performance highlights Chairman's letter Group chief executive's review It starts here Financial performance Business performance Environmental and social performance Summary accounts Summary corporate governance Summary directors' remuneration report Board of directors Annual general meeting and information for shareholders Further information	Adoption of International Financial Reporting Standards An 'International Accounting Standards Regulation' was adopted by the Council of the European Union (EU) in June 2002, requiring all EU companies listed on an EU stock exchange to use 'endorsed' International Financial Reporting Standards (IFRS) to report their consolidated results with effect from 1 January 2005. The group has not yet determined the full effects of adopting IFRS. Our preliminary view is that the major differences between our current accounting practice and IFRS will be in respect of hedge accounting, accounting for embedded derivatives and other items falling within the scope of the financial instruments standards, accounting for business combinations, deferred tax and share-based payments. We expect that the group will be fully prepared for the transition in 2005. In this section   Results   Dividends and share repurchases   Critical accounting policies Adoption of international financial reporting standards   Insurance   Creditor payment policy and practice   Financial tables   Related links   A brief description of our reporting terms   Results definition

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