Read the ethics case $$BP$$s Gulf Oil Spill Costs$$ at the end of Chapter $4$ of your text and answer the following questions:

What are the costs to other stakeholders in society beyond those that Reuters included? For example, was the cost of lost reputation considered? How would these costs be estimated?

Since there are so many uncertainties involved in analyses such as Reuters presented, are analyses like this useful? Why or why not?

Why were BP$$s early estimates so low? After all, as Reuters reports, BP had experience with two other recent cases. Consider both US GAAP and IFRS rules for reporting contingent liabilities.