1999 | OriginalPaper | Chapter
Statement of total recognised gains and losses
Authors : Ken Wild, Brian Creighton, Deloitte & Touche technical department
Published in: GAAP 2000
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
Activate our intelligent search to find suitable subject content or patents.
Select sections of text to find matching patents with Artificial Intelligence. powered by
Select sections of text to find additional relevant content using AI-assisted search. powered by
Not all components of an entity’s financial performance will flow through the profit and loss account. Therefore, FRS 3 requires financial statements to include, as a primary statement, a ‘statement of total recognised gains and losses’ to highlight the gains and losses that are recognised in a period. [FRS 3(27)] The statement deals with gains or losses recognised, not necessarily realised, in a period. Therefore, certain gains, such as revaluation surpluses, may be recognised in one period and realised in a subsequent period.