Explain the goal of interim reporting and how the interim period is viewed relative to an annual
period.
Solution
ANSWER:
The primary goal of interim financial statements is to provide to users in due time the accounting
information which is required for the elaboration of operational or funding or investment
decision. Moreover can provide users the meaningful information about the directions on the
business development and on the seasonality of certain activities. This information could be
highlighted in the financial statements for the financial year. The meaningful, reliable and timely
interim financial reporting enhances the ability of creditors, investors, and others to understand a
firm\'s capacity to generate earnings and cash flows, its financial condition and liquidity
Interim reporting is the reporting of the financial results of any period which is lesser than a
fiscal year, thus interim periods are accounting time periods which are generally less than one
year in duration, such as a month, a quarter, or a semi-annual period..
Explain the goal of interim reporting and how the interim period is .pdf
1. Explain the goal of interim reporting and how the interim period is viewed relative to an annual
period.
Solution
ANSWER:
The primary goal of interim financial statements is to provide to users in due time the accounting
information which is required for the elaboration of operational or funding or investment
decision. Moreover can provide users the meaningful information about the directions on the
business development and on the seasonality of certain activities. This information could be
highlighted in the financial statements for the financial year. The meaningful, reliable and timely
interim financial reporting enhances the ability of creditors, investors, and others to understand a
firm's capacity to generate earnings and cash flows, its financial condition and liquidity
Interim reporting is the reporting of the financial results of any period which is lesser than a
fiscal year, thus interim periods are accounting time periods which are generally less than one
year in duration, such as a month, a quarter, or a semi-annual period.
