Interim financial reports are financial statements covering periods of less than a full fiscal year, most commonly three months. The purpose of quarterly or other interim financial reports is to provide financial statement users with more timely information for making investment and credit decisions, based on the expectation that full-year results will be a reasonable extrapolation from interim performance. Additionally, interim reports can yield significant information concerning trends affecting the business and seasonality effects, both of which could be obscured in annual reports. If interim financial statements are IFRS-based, IAS 34 states that interim financial data should be prepared in conformity with accounting policies used in the most recent annual financial statements. IAS 34 sets forth three important aspects of interim financial reporting. IAS 34 recommends that the inclusion of additional statement of comprehensive income columns for the 12 months ending on the date of the most recent interim report.