REFS is
a mine of invaluable information for the private investor.
Selecting shares without its help is like trying to
clap with one hand tied behind your back.
|
|
 |
IIMR
Headline earnings
IIMR
Headline earnings are calculated in accordance with the Statement
of Investment Practice issued by the Institute of Investment
Management and Research (IIMR) in September 1993. The IIMR is
the professional body representing investment analysts and fund
managers within the UK. A copy of the full guidelines can be
obtained for £15 from the Secretary General at the following
address:
Institute
of Investment Management and Research
211-213 High
Street
Bromley
Kent BR1
1NY
Tel: 0181-464-0811
For IIMR
purposes, the nature of each Profit & Loss item must be
classified between trading on the one hand, and non-trading
or capital on the other. The distinction between trading and
non-trading items must be made regardless of size or significance,
or whether they are abnormal or likely to recur.
Non-trading
items can be defined as items of income or cost which can be
separated from the FRS3 earnings figure on the basis that they
are not of a trading nature.
See Identifying
IIMR and normalised earnings adjustments; Adjusting
for tax; Adjusting
for minority interest;and Illustrated
calculation
|
|
|
