FRS 3: Reporting financial performance
Over recent years, there have been a few Any Answers posts relating to certain disclosures within the financial statements such as when ‘exceptional items’ are encountered and there is uncertainty as to how to disclose such items, explains Steve Collings.
This is the first of a series of several articles which will take a look at each FRS/SSAP/UITF and outline the fundamental principles contained in each standard with the intention of being a form of ‘refresher’ as to the principles contained in the various standards. This particular article will consider reporting financial performance in general to offer a reminder of some of the main issues that may crop up and how to deal with such issues.
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- Operating profit
- Formats one and two
- Discontinued operations
- Reporting profits and losses on sale
- Exceptional items
- Note of historical cost profits and losses
- Statement of total recognised gains and losses
- Prior period adjustments
- Fundamental versus material