| The standard promulgated by the Accounting Standards Board, effective from 1993, which attempted to be the lynchpin of accounting standards. It effectively outlawed extraordinary items, making such events as restructuring costs and the sale or closure of non-core businesses, part of the profit and loss account and, therefore, included in earnings per share. It also stipulated that there should be a statement of total recognised gains and losses showing the profit or loss for the period plus movements in reserves. It prompted the creation of ãheadlineà or ãadjustedà earnings figures that excluded some of the one-off or volatile numbers that companies or analysts felt obscured the underlying trading performance.
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