If you are using Excel for creating your financial statements then you might be looking for something that is easier to read. As well as share with other people in your organization. With this interim financial statement template, you can do just that. There are spaces for your assets, liabilities, revenues, and expenses so you can see a complete picture of where the company stands at a specific moment in time.
Instead of winding up with an Excel document filled with the text you can use this template to create something that is a lot more colorful and easy to read. Interim financial statements provide an update between the ending and the beginning of a period. In this article, we’re going to give you an example of an interim financial statement. Along with advice and information on how to use them. We will also tell you what they look like, how to create your own template, and how to use them effectively.
What is an interim financial statement?
The interim financial statement is a document that provides information about the state of a company’s finances for a period other than the full year. The period may be a quarter, half-year, or some other time frame. Because it is an interim statement, it may not contain all of the information included in a full-year financial report.
You can design the interim financial statement to provide information about how a company is performing against budget and expectations. It provides an overview of the company’s performance over the period covered by the report. It also includes details on sales, expenses, and income.
The interim report also includes details on cash flow and liquidity during that time period as well as any changes in working capital and debt obligations.
Interim financial statement vs annual report
Interim financial report, incorporates an income statement, cash flow statement, and balance sheet, as needed.
The interim report does not include the notes to the financial statements that would normally be found in a full annual report. The interim report also does not include detailed disclosures about the company’s policies and procedures for recording revenues and expenses, or information about its internal controls over financial reporting (ICFR). It may, therefore, include some restricted explanations of major accounting policies and assumptions.
In contrast to the annual report, which is prepared once a year at the end of the fiscal year, an interim report may be prepared at any time during the fiscal year (or interim period).
Financial statements: How to use them?
Interim financial statements give you a glimpse of your company’s financial position at a certain period in history. They replace the traditional full-year reports and provide an overview of your company’s performance for the last six months.
Companies use interim financial statements to provide investors with an early indication of their financial performance. Lenders and other creditors and other creditors can also use to determine whether they’ll extend credit or continue to do business with you.
The main advantage of interim reporting is that it allows you to keep investors informed about your progress without having to wait several months for the full-year results. Interim reports typically cover two periods, such as one quarter or one-half year, although some companies may choose to report on three or four-quarter periods.
Interim summaries should be formatted in the same way as regular accounting records, such as the income statement, cash flows, and financial statements.
When would I need to produce an interim financial statement?
An interim financial statement is used to give an update on the financial position of a company for a period that falls between two annual reports. It is also known as a quarterly report, as it is usually released every three months.
An interim financial report should be prepared when there is a significant change in the company’s activities or when there has been a change in management. It may also be necessary if there has been a major event that is likely to have an impact on subsequent results.
An interim statement must be made available within 28 days after its end date (or within seven days if the date falls before the next audited annual report).
Should I compare my interim financial statements with previous years’ documents?
Interim financial statements are a great way to check your progress against your planned budget. If you’re using a standardized format, then it’s easy to compare this year’s figures with those for previous years.
You may be surprised to see how close (or far away) you’ve come from your targets, or whether last year’s performance was better or worse than expected.
Naturally, the exact figures will differ from business to business, but here are some of the key financial items that you might want to consider:
Sales revenue – How much have you made during the six months? Is this a stronger or worse period than previously?
Cost of sales – What was the total cost of those revenues?
Operating expenses and finance costs – Have these costs changed much over time? Are there any unusual items on account of which they may have changed significantly?
Gross profit margin – This statistic is calculated by dividing gross profit by overall sales. How is this figure doing compared with previous years’ figures? Is it staying consistent or going up or down over time?
How should interim financial statements be drafted?
An interim financial statement is a document that provides information about the operations of a company or other entity over a period of time. It is one of two types of financial statements, the other being the annual report. Interim financial statements are generally prepared on the same basis as annual financial statements but on a shorter-term basis.
These variables should be included in an interim financial statement:
Income Statement – An income statement shows how much money was earned in a given period and how it was spent. Revenue sources, expenditure, and total assets or losses are often decomposed.
Balance Sheet – A balance sheet indicates what a firm has (assets) and pays (liabilities), but also its net value, at any one time.
Statement of Cash Flows – This statement shows how much cash came into and out of the business during an accounting period.
Interim financial statement example
Interim financial statement is a special type of financial statement that is issued on an interim basis, usually every three months.
An interim statement is not the same as a quarterly report. The quarterly report provides an update on the company’s performance for a particular quarter, and it’s usually published between the end of one quarter and the beginning of the next quarter.
In this article, I will go over some examples of interim financial statements for your reference:
The following example shows an interim statement prepared by a private company:
|Total Current Assets||$83000||$87000|
|Current Portion Of Debt||$20000||$24000|
|Total current Liabilities||$67000||$62000|
|Long Term Debt||$20000||$43000|
|Cost of Sales||$8000||$9,500|
Does LivePlan help with interim financials?
LivePlan can assist you in preparing interim financial reports. The LivePlan Financial Statement Template comes with a wide range of features that make it easy to create, modify, and customize reports while maintaining the integrity of your data.
LivePlan’s Financial Statement Template is designed to help you:
- Create cash flow projections for multiple periods
- Create an income statement for any period
- Generate standard balance sheet and balance sheet detail reports with one click.
- Generate a standard statement of cash flows report with one click.
- Generate standard statement of changes in shareholders’ equity report with one click.
Best Interim Financial Statements (IFRS) Template
While there are many templates available in the market, it is important to choose one that fits your business needs. Your choice should be based on the reporting frequency of your company. The following is one of the most commonly used IFRS template:
The greatest benefit of the free IFRS template is that you can use it as-is with no changes. Or, if you prefer, you can also make your own modifications to suit your business’s needs. While this free template has saved many entrepreneurs and small business owners hours of work, it is not legally binding. If at all possible, it is still better to have a CPA or tax professional review your financial records before using the document for official purposes or when making tax filings for your small business.