A financial reporting that involves communicating (by means of financial reports) the financial results a period shorter than a full financial or fiscal year (known as an interim period). In other words, interim reporting is generally designed to report less information than full-year or annual financial statements, with such information being mainly an update to those financial statements (interim reports). However, an interim financial report contains either a complete or condensed set of financial statements, but only for the interim period.

Interim reporting prescribes the minimum content of an interim financial report as well as the bases for recognition and measurement in financial statements presented for an interim period. For condensed financial statements the minimum content usually includes each of the headings and sub-totals that have appeared in the most recent annual financial statements and the relevant explanatory notes. Additional line-items or notes are also included if their presence is essential for integrity and accuracy of interim financial information.