Performance Reporting

Date recorded:

This project had been discussed by the Board at its January and February 2002 meetings, but no tentative decisions were made. At today's meeting, discussion focused on application of the following principle to tangible fixed assets: For assets and liabilities held at current values, a useful distinction can be made in the performance statement between expected income, unexpected income of the period, and unexpected capital gains and losses. Discussion centred on the meaning of 'expected' and 'unexpected' in the context of fixed assets. No tentative decisions were made.

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