We continued to assess developments in legal cases related to claims and penalties through reading the determinations and judgments made by the courts, discussions with the BP legal team and correspondence with external lawyers. The determination of liabilities related to the oil spill takes months and years to evolve and during 2014 there were some significant developments in loss claims and potential penalties, specifically related to the Economic and Property Damages Settlement Agreement and Clean Water Act penalties (see Note 2), that we considered in assessing the
requirements of IFRS in relation to liabilities, contingent liabilities and disclosure. Where appropriate we deployed valuation and modelling experts to inform our assessment. There is significant uncertainty related to the ultimate liabilities and we considered the disclosures related to these uncertainties and concluded that it was appropriate to include an emphasis of matter related to these uncertainties in this report.