The interim financial statements : the case of Greece

Abstract

The following paper refers to the accounting and auditing issues which emerge in the preparation of the interim financial statements of the companies: Firstly, the interim financial statements are defined as being the financial statements that provide useful information about the financial position and the financial results of a company which are realized and accrued during the fiscal year. The interim financial statements can be prepared on a monthly basis, on a quarterly basis or covering any other time period of the fiscal year. Subsequently, the various problems and difficulties that are faced in the preparation of the interim financial statements are analyzed such as seasonality issues, accruals etc. Moreover, the provisions of the Opinion No 28 of the APB are thoroughly analysed concerning the relevant accounting issues emerging in the preparation of the interim financial statements. Furthermore, the paper deals with the auditing of the interim financial statements according to the provisions of the Standard No 9 of the FEE coupled with a thorough analysis of the respective auditing practices applied in Greece. Finally, detailed suggestions are put forward aiming at the improvement of the content of the interim financial statements which are prepared by the Greek companies, in order to upgrade the reliability of the information conveyed to the users of the financial statements.