BP operates off-shore drilling rigs including rigs in the Gulf of Mexico. On April 20, 2010, explosions

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BP operates off-shore drilling rigs including rigs in the Gulf of Mexico. On April 20, 2010, explosions and fire on the Deepwater Horizon rig led to the death of 11 crew members and a 200-million-gallon oil spill in the Gulf of Mexico. BP's 2010 annual report (prepared under IFRS) included the following concerning estimates of contingent liabilities (provisions):image text in transcribed

How did BP record the \(\$ 9.2\) billion estimate in its 2010 financial statements? How would the accounting for this provision differ if BP had prepared its financial statements in accordance with U.S. GAAP?

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