Expressions making it possible to calculate the transmission coefficient of an ultrasonic interferometer, its Q factor and errors of interferometric measurements are presented. These expressions are obtained on the basis of a one-dimensional model which takes into account the non-ideal reflection of acoustic waves from the transducers, diffraction losses and electromechanical properties of transducers. Fixed path ultrasonic interferometers which are widely used for high precision measurements of ultrasound absorption and velocity in liquids, include air-backed transducers. Air-backing limits the application of these interferometers for the measurements under the high pressures. The influence of non-gaseous backing of transducers on the characteristics of an interferometer is theoretically analysed by means of suggested expressions. Frequency dependences of main parameters of the interferometer are obtained. The possibility of high precision measurements of velocity and absorption of ultrasound in liquids under the high pressures by means of fixed path interferometers with liquid-backed transducers is shown.