Interim Financial Reporting: An Overview
Interim financial reporting refers to the preparation of financial statements for a period of less than a year. These reports are important for stakeholders, such as investors and creditors, who need regular updates on the financial performance of a company.
Interim financial reports can include either selected financial data or a complete set of financial statements, and are often used to project annual results. However, there are challenges associated with the preparation of interim financial statements, including the need for accurate estimates and the treatment of seasonal expenses.