Current Attempt in Progress GAAP requires that all companies that issue an annual report should issue interim financial reports. the three basic financial statements should be presented each time an interim period is reported upon. the discrete view is the most appropriate approach to take in preparing interim financial reports. the same accounting principles used for the annual report should be employed for interim reports. Current Attempt in Progress GAAP requires that all companies that issue an annual report should issue interim financial reports. the three basic financial statements should be presented each time an interim period is reported upon. the discrete view is the most appropriate approach to take in preparing interim financial reports. the same accounting principles used for the annual report should be employed for interim reports