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The impact
of FRS3 on results of earlier periods
Evaluating
the operating results of a company, in the context of its past
performance, requires an analysis of pretax profit, EPS, margin,
ROCE and ROE. Each of these appears as a separate time series
in Company REFS. It is essential to maintain an even
basis of comparability within each time-series, so that a valid
assessment can be arrived at.
This section
explains the impact of FRS3 on the range of performance time-series
published in Company REFS.
Given that
FRS3 took effect in 1993, many companies reported for the first
time under FRS3 relatively recently. With the benefit of restated
comparatives published in the earliest FRS3 results, it is possible
for Company REFS to build on at least two comparable
periods of results under FRS3, although in most cases there
are more.
The comparability
of pre-FRS3 periods is best examined on an item by item basis,
since different assumptions may be relevant in each case.
(NOTE:
The figures for cash flow per share, dividends per share, and
sales per share are not affected by FRS3, and are not covered
here.)
Normalised pretax profit & EPS
IIMR EPS
FRS3 pretax profit & EPS
Tax rate
Margin
ROCE
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REFS
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Updated daily with data direct from the London
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