 Hello in this lecture we're going to find the term of interim financial statements. According to fundamental accounting principles while 22nd edition the definition of interim financial statements is financial statements covering period of less than one year usually based on one three or six month periods. We are talking about the financial statements the typical financial statements we often think of as going from one year a 12 month time period but often times we're going to have timeframes that are other than 12 months typically a quarterly financial statements which would be every three months 12 divided by 3 January March April May June July August September October November and December would be typical types of interim financial statements we may have as well as a six month financial statement or just a monthly financial statements are some other timeframes that could be used to create the financial statements the financial statements will include the balance sheet typically in the income statement the statement of cash flows the statement of equity for example here we have June 30th 2008 and we have for the month ended that means that for the financial statements that have a time frame that being the income statement the statement of cash flows the statement of equity which have a beginning and an end are showing the activity during that time period will be for that month ended the balance sheet however is of course as of a point in time meaning that we don't need this for the month ended phrasing for the balance sheet because that is as of the point in time June 30th 2008 it doesn't matter how far back in time we are going that is just that point in time