Interim Financial Statements | Features | Importance

In this video on Interim Financial Statements, here we discuss the features and examples of interim financial reporting along with its importance.

𝐖𝐡𝐚𝐭 𝐚𝐫𝐞 𝐈𝐧𝐭𝐞𝐫𝐢𝐦 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭𝐬?
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Financial statements for a period of less than one year are referred to as interim financial statement.

𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐬 𝐨𝐟 𝐈𝐧𝐭𝐞𝐫𝐢𝐦 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠
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#1 - Disclosures
#2 - Accrual Basis
#3 - Seasonality

𝐈𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐜𝐞 𝐨𝐟 𝐈𝐧𝐭𝐞𝐫𝐢𝐦 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭𝐬
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#1 - For the current financial year to date, a Statement of Equity Changes showing cumulative equity changes with a comparative Statement for the comparable year to date of the previous year.

#2 - A statement of financial position as at the end of the current interim period and a comparative statement of financial position as at the end of the immediately preceding financial year.

#3 - A statement of cash flows for current financial year to date, with a comparative statement for the previous immediate financial year's comparable year to date period.

To know more about 𝐈𝐧𝐭𝐞𝐫𝐢𝐦 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭𝐬, you can go to this 𝐥𝐢𝐧𝐤 𝐡𝐞𝐫𝐞:-

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