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	Table of Contents
p. 88 of 203 BACK | NEXT Foreword 1. Introduction to the Guidelines 2. User Instructions 3. Preparing and Appraising Investment Project 4. Financial Management of Executing Agencies 5. Reporting and Auditing 5.1. Financial Reporting and Auditing Overview 5.2. Accounting Standards and Policies 5.3. Financial Reporting 5.3.1. Introduction 5.3.2. Content and Timing of Financial Reporting 5.3.3. Accounting Statements and Financial Reports 5.3.4. Interim Financial Statements and the Project Management Report 5.3.5. Audited Project Financial Statements 5.3.6. Annual Financial Statements for a Non-Revenue-Earning Project 5.3.7. Annual Financial Statements for Revenue-Earning Projects and EAs 5.3.8. Supplementary Financial Statements 5.3.9. Designing Financial Reports for Revenue-Earning Projects 5.3.10. Designing Financial Reports for Non-Revenue-Earning Projects 5.3.11. Examples of Model Financial Statements 5.4. Auditing Standards and Auditor Engagement 5.5. Reviewing Financial Reports 5.6. Reviewing Auditors' Reports 6. Financial Institutions 7. Knowledge Management

Financial Management and Analysis of Projects : 5. Reporting and Auditing : 5.3. Financial Reporting

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5.3.4. Interim Financial Statements and the Project Management Report

5.3.4.1. During the course of each financial year, ADB requires Project Financial Management Reports (PMRs) as part of the system for monitoring a project's performance. The PMR is required on a periodic basis, and is designed to assist the EA/PIU to maintain regular control of project performance. The PMR financial statement is an interim financial statement that is a useful tool for reviewing progress and for planning, and is recommended for all projects.

5.3.4.2. The information in the PMR should be provided in respect of: (i) the most recent completed financial period (normally a quarter or semester of a year), (ii) the totals for the year to date, and (iii) cumulative totals to date from the beginning of the project.

5.3.4.3. The PMR should also show, for each line item, the planned/budgeted amounts for comparison with the actual reported information, with variances shown between actual and the plan. Explanations should be attached to the PMR with respect to significant variances for use in managing and monitoring the project.

5.3.4.4 A sample PMR format for a nonrevenue-earning project in the public sector, that uses the cash accounting basis, is provided in the Knowledge Management section. The sample should be used as a guide; it may need to be amended to reflect country-specific circumstances.

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