Interim Financial Statements are financial reports prepared to cover periods less than a full fiscal year, such as monthly, quarterly, or semi-annual periods. These statements are important for providing organizations and stakeholders with timely financial information, which is essential for making informed decisions. Unlike annual financial statements, interim statements do not require all the disclosures that an annual report would entail, as they aim to give a summary view of financial performance up to a specific point in time within the fiscal year.\n\nFor example, a company may issue interim financial statements at the end of each quarter to update shareholders and management about its revenue, expenses, and profitability. These reports often include a balance sheet, income statement, and cash flow statement. They are frequently used by publicly traded companies to comply with regulatory reporting requirements, and internally by management for performance monitoring and decision-making purposes.\n\nIt is important for interim financial statements to be accurate and reliable; however, some of the numbers may be estimates as opposed to fully audited figures, due to the shorter preparation times involved. In essence, they provide a snapshot of the ongoing financial health of a business.