The interplay between inertia and elasticity is examined in this study for the transient axisymmetric flow of a thin film. The fluid is assumed to emerge from an annulus, as it is driven by axial pressure gradient and/or gravity. The substrate is assumed to be stationary and of arbitrary shape. The boundary-layer equations are generalized for a viscoelastic film obeying the Oldroyd-B constitutive model. These equations are solved by expanding the flow field in terms of orthonormal shape functions in the radial direction and using the Galerkin projection, combined with a time-stepping implicit scheme, and integration along the flow direction. It is found that the viscosity ratio and fluid elasticity can have a significant effect on steady state as well as transient behaviour. It is also found that low-inertia and/or highly elastic fluids tend to accumulate near the annulus, exhibiting a standing wave that grows with time. This behaviour clearly illustrates the difficulty associated with coating viscoelastic high-viscosity fluids. A criterion for film rupture is also established, which is based on the steepening of flow and stress gradients. The topography of the substrate has a drastic effect on the flow as well.