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Case | HBS Case Collection | January 2011 (Revised July 2011)

Accounting for Catastrophes: BP PLC and Union Carbide Corporation (A)

by David F. Hawkins

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Abstract

The IASB and FASB propose new contingency loss recognition, measurement, and disclosure rules (A case). The B and C cases apply these proposals to British Petroleum's Mexican Gulf oil spill and Union Carbide's Bhophal gas discharge.

Keywords: Financial Reporting; International Accounting; Trade; International Finance; Standards; Strength and Weakness; Natural Disasters; Crisis Management; Governance Controls; Governing Rules, Regulations, and Reforms; Energy Industry; India;

Format: Print 6 pages EducatorsPurchase

Citation:

Hawkins, David F. "Accounting for Catastrophes: BP PLC and Union Carbide Corporation (A)." Harvard Business School Case 111-062, January 2011. (Revised July 2011.)

Related Work

  1. Supplement | HBS Case Collection | February 2011 (Revised August 2011)

    Accounting for Catastrophes: BP PLC and Union Carbide Corporation (B)

    David F. Hawkins and Aldo Sesia

    The BP Mexican Gulf Oil spill requires BP to recognize or at least disclose investor-relevant information.

    Keywords: Corporate Disclosure; Accounting; Natural Disasters; Pollution and Pollutants; Energy Sources; Energy Industry; Mining Industry; North America;

    Citation:

    Hawkins, David F., and Aldo Sesia. "Accounting for Catastrophes: BP PLC and Union Carbide Corporation (B)." Harvard Business School Supplement 111-074, February 2011. (Revised August 2011.)  View Details
    CiteView DetailsPurchase Related
  2. Supplement | HBS Case Collection | February 2011 (Revised September 2011)

    Accounting for Catastrophes: BP PLC and Union Carbide Corporation (C)

    David F. Hawkins and Namrata Arora

    An analyst in 2010 is using the Bhopal catastrophe to illustrate proposed new accounting for contingency losses.

    Keywords: Accounting; Natural Disasters; Pollution and Pollutants;

    Citation:

    Hawkins, David F., and Namrata Arora. "Accounting for Catastrophes: BP PLC and Union Carbide Corporation (C)." Harvard Business School Supplement 111-075, February 2011. (Revised September 2011.)  View Details
    CiteView DetailsPurchase Related

About the Author

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David F. Hawkins
Lovett-Learned Professor of Business Administration, Emeritus

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More from the Author

  • Other Teaching and Training Material | 2017

    Financial Accounting Reading: Basic Accounting Concepts and Assumptions

    David F. Hawkins

    Core Curriculum Readings in Financial Accounting cover the fundamental concepts in financial accounting. The objective of this reading is to enhance the student's understanding of the nature of the information that general purpose financial reports provide. This goal is achieved by exposing students to the basic accounting concepts and assumptions that shape the form and character of this information.

    Keywords: Accounting;

    Citation:

    Hawkins, David F. "Financial Accounting Reading: Basic Accounting Concepts and Assumptions." Core Curriculum Readings Series. Harvard Business Publishing 5060, 2017.  View Details
    CiteView DetailsPurchase
  • Other Teaching and Training Material | 2017

    Financial Accounting Reading: Fair Value Measurement in Accounting

    David F. Hawkins

    The objective of this reading is to enhance student understanding of the concept of fair value as used in accounting. It is not intended to expand a student's knowledge of specific accounting applications of fair value at the transaction level. This Reading includes an Interactive Illustration: "Fair Value of an Asset."

    Keywords: Accounting; Fair Value Accounting;

    Citation:

    Hawkins, David F. "Financial Accounting Reading: Fair Value Measurement in Accounting." Core Curriculum Readings Series. Harvard Business Publishing 5083, 2017.  View Details
    CiteView DetailsPurchase
  • Other Teaching and Training Material | 2017

    Financial Accounting Reading: Revenue Recognition

    David F. Hawkins

    The overarching goal of the revenue recognition chapter is to help students better understand the substance and implementation challenges of the joint FASB/IASB revenue recognition standard. This Reading includes four Interactive Illustrations: "Time Value of Money for Revenue Recognition," "Five-Step Revenue Recognition," "Revenue Recognition Timeline," and "Estimating Bad Debt."

    Keywords: Accounting; Revenue Recognition;

    Citation:

    Hawkins, David F. "Financial Accounting Reading: Revenue Recognition." Core Curriculum Readings Series. Harvard Business Publishing 5066, 2017.  View Details
    CiteView DetailsPurchase
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