Underlying RC profit is a useful measure for investors because it is one of the profitability measures BP management uses to assess performance. It assists management in understanding the underlying trends in operational performance on a comparable year-on-year basis. It reflects the replacement cost of inventories sold in the period and is arrived at by excluding inventory holding gains and losses from profit or loss. Adjustments are also made for non-operating items and fair value accounting effects . The IFRS equivalent can be found on page 208. 2014 performance The decrease in underlying RC profit per ordinary share for the year compared with 2013 was mainly due to a lower profit in Upstream and lower earnings from Rosneft.