Interim financial statements definition including break down of areas in the definition. Analyzing the definition of key term often provides more insight about concepts. Interim financial statements can be defined as: Financial statements covering period of less than one year; usually based one, three, or six month periods. We often think of financial statements as covering a year but we often need financial statement for interim periods. Interim financial statements will provide information on short time frames, most common being quarter, half a year, or a month.