Interim reporting is the reporting of the financial results of any period that is shorter than a fiscal year. Interim reporting is usually required of any company that is publicly held, and it typically involves the issuance of three quarterly financial statements each year.The basic objective of financial reporting is to provide information useful to investors, creditors and other users in making sound investment decisions. It includes not only financial statements but also other means of communicating information that relates directly or indirectly to the information provided by the accounting system that is, information about an enterprise’s resources, obligations, earnings etc.