- note of historical cost profits and losses
- A memorandum item in the annual accounts and report of a company giving an abbreviated restatement of the profit and loss account, showing the reported profit or loss as if no revaluations had been made. The statement need not be made where the difference is not material. Financial Reporting Standard (FRS) 3, Reporting Financial Performance, states that such a note should be published. However, many accountants believe that the inclusion of such a note is questionable and Financial Reporting Exposure Draft 22, Revision of FRS 3, would make the practice optional.
Accounting dictionary. 2014.
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