The financial report covering a period of less than a year is known as the ‘Interim Financial Statement‘ or just the ‘Interim Statement’. The Interim Statements are typically used to show the company’s performance before the end of a financial reporting cycle.
Interim Statements are not audited, however, the annual statements are audited. The main reason for interim statements, apart from conveying the company’s performance, is that they keep the public and investors in the loop of what’s going on with up-to-date information.
In the Business sector, the Interim statement is often referred to as the Interim report. Every Legally registered business should have an interim report because it is the best practice in business.
In South Africa, all public and state-owned companies are required by law to fie a copy of the latest approved audited financial statement, when filed with the CIPC (Companies and Intellectual Property Commission) on the date of submission.
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