What are interim financial statements primarily used to cover?

Interim financial statements are designed to provide financial information for periods of less than one year, typically covering quarterly or semiannual intervals. These statements are essential for stakeholders who require timely insights into a company's financial performance and position between the regular annual reporting periods. They help management, investors, and creditors make informed decisions by offering a snapshot of how the business is performing over shorter timeframes.

While some stakeholders might focus on weekly data for specific operational needs, interim statements are generally set for more substantial periods to allow for meaningful financial analysis without extending to a full year. Choices that suggest periods longer than one year or focus solely on annual performance reviews do not align with the purpose of interim statements, which are specifically meant to bridge gaps in reporting within a fiscal year.