FRS 3: Reporting financial performance

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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


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About Steven Collings


Steve Collings, FMAAT FCCA is the audit and technical partner at Leavitt Walmsley Associates Ltd where Steve trained and qualified.


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By foxtrot
18th Sep 2012 16:54



As ever a helpful summary


Where in the financial statements would you show the consideration for the purchase of the company's own shares (given that the share capital will be reduced and the Capital Redemption

Reserve increased by the nominal value of the shares concerned)

Thanks (0)
19th Sep 2012 09:49

@Foxtrot -

That should be in the reconcilation of shareholders funds, with a note giving the details.

Thanks (0)
By foxtrot
19th Sep 2012 10:36




Thanks for the helpful and prompt reply

Thanks (0)
22nd Sep 2012 18:42

very helpful.

Thanks (0)
By Tickers
03rd Jul 2013 11:40

Good article.

Thanks (0)

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