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Reporting Financial Performance
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SQF4 Reporting Financial Performance
Group D
Xiaomeng Guo
The FRS 3 was issued in October 1992. "The objective of FRS 3 is to require entities falling within its scope to highlight a range of important components of financial performance to aid users in understanding the performance achieved by a reporting entity in a period and to assist them in forming a basis for their assessment of future results and cash flows"(Alexander,p615). This objective is met by requiring entities to use a layered format for the profit and loss account that will highlight important components of the financial performance such as results of continuing operations, result of discontinued operations, profit or loss on the sale or termination of an operation or restructuring and profit or loss on the disposable of fixed assets and extraordinary items. The format of disclosures for the performance statement is changed later. The ASB issued FRED 22 'Reporting Financial Performance' as a proposed revision to FRS 3, in December 2000.
The proposals in the FRED are a natural progression from FRS 3 'Reporting Financial
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