FRS 3

[accounting]

FRS 3 Reporting Financial Performance changed the presentation of the profit and loss account and added a new primary statement to the annual financial statements, the Statement of Total Recognised Gains and Losses (STRGL).

(a) Discuss the main reasons for the introduction of FRS3 Reporting Financial Performance.
(35% of marks)

(b) Explain why the following requirements of FRS 3 are needed to aid users in understanding the performance achieved by a company and form a basis for their assessment of future results.
(i) An analysis of the results of continuing and discontinued operations
(ii) The costs of a fundemental reorganisation or restructuring
(iii) A Statement of Total Recognised Gains and Losses (STRGL)
(35% of marks)

(c) Discuss the criticisms that FRS 3 has been subjected to.
(30% of marks)


Any help on these questions would be greatly appreciated, and if anybody knows any good websites where i can find info this would also be appreciated. Thanks,

HR