Interim Reports
(Issued September 1997)

In the UK, half-yearly interim reports and preliminary announcements are a requirement of the London Stock Exchange. They are companies' primary vehicles for the first public communication of their half-year and full-year results and financial position to the markets. As such they often contain more information than the minimum required by the Exchange.

The ASB's statement on Interim Reports (issued in September 1997), together with the statement Preliminary Announcements (issued in July 1998) provide voluntary 'best practice' guidance, which is intended to supplement the mandatory requirements of the Exchange. As well as covering the content of such reports, they also deal with the basis of presentation, their timescale, reliability and distribution.

In the interests of good financial reporting, the use of both statements is recommended by the Financial Reporting Council, the Hundred Group of Finance Directors, the London Stock Exchange and the Irish Stock Exchange.

The statement addresses the following matters in relation to interim reports.

• Role of the interim report
• Timescale
• Basis of presentation
• Content of interim report
• Management commentary
• Profit and loss account
• Statement of total recognised gains and losses
• Balance sheet
• Cash flow statement
• Comparative figures
• Other disclosures

To find out how to obtain a copy of Operating and Financial Review, go to Publications.