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Definition
Interim accounts are financial statements drawn up partway through the year to show performance to date. They are more formal than routine management accounts and may be required to justify an interim dividend or a lending decision.
In plain terms
They are a proper mid-year set of accounts, used when a signed-off "here is where we stand now" is needed rather than the informal monthly figures.
Why it matters for your company
Up-to-date interim accounts speed finance applications and prove distributable profit exists before you pay a dividend. See interim dividend.
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