Interim Statements, also known as Interim Financial Statements, are reports that provide information on the financial performance and condition of an organization at a given point in time. They are typically used to provide short-term guidance to stakeholders, such as management and investors, on the financial position of a company. Interim Statements are usually prepared between the end of the financial year and the company's annual report and accounts. There are two types of Interim Statements: audited and unaudited. Audited Interim Statements are reviewed by an external auditor to provide assurance to stakeholders that the financial statements are accurate and reliable. Unaudited Interim Statements are not reviewed by an external auditor, and are usually used for internal purposes only.
Interim Statements
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FAQ
An interim financial report is a complete or condensed set of financial statements for a period shorter than a financial year.
Whether shown to investors or accountants, these annual accounts give detailed information about the company's performance at the end of the reporting year. Interim financial statements show the same details, but they're drawn up to cover a shorter period.
Interim financial statements contain the same documents as will be found in annual financial statements - that is, the income statement, balance sheet, and statement of cash flows. The line items appearing in these documents will also match the ones found in annual financial statements.
Interim financial statements are not usually audited. Given the cost and time required for an audit, only the year-end financial statements are audited. If a company is publicly-held, its quarterly financial statements are instead reviewed.
Annual financial statements provide an overview of your company's financial position, including its revenues, expenses, profits, and losses and include information about assets, liabilities, and equity, as well as cash flows and other financial metrics.
Reading financial statements allows business owners and managers to gain a comprehensive understanding of their financial position. Interim statements provide this overview at any given time, which can help to monitor performance and improve revenue generation and cash flow to successfully grow the company.
An interim financial report is a complete or condensed set of financial statements for a period shorter than a financial year.
The primary objective of filing an interim financial statement is to provide an insight into your company's financial performance and material changes to shareholders and analysts. These statements are most often issued by publicly-held companies and are not audited.