What kind of details should be covered by financial reports of an EU funded grant project?

The period of financial reports must match with the period covered by narrative reports. The financial reports shall also have the same level of detail as the Budget annexed to the Grant Contract. Any relevant variation from the budget initially submitted must be explained and indicated. 

Financial reports (such as narrative reports) must cover the whole project as it was presented in the application and accepted by the Contracting Authority (is EUD under the direct management modality), not only the shared financed by the EU contribution.

The financial reports must be consistent with the records, accounts, and ledgers of the beneficiaries and affiliated entities.

A detailed breakdown of expenditures (expenditures list) or an expenditure verification report has to be attached to interim and final narrative and financial reports.

For more information, please check out Companion.