accounting period


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Related to accounting period: Accounting cycle

Accounting Period

1. The period of time reflected in financial statements. Usually, the accounting period is either the calendar year or a quarter. For example, publicly-traded companies must report their financial state for the accounting period since their previous report.

2. In the United Kingdom, the period for which corporate taxes are assessed.

accounting period

accounting period

the time period over which a firm prepares its PROFIT-AND-LOSS ACCOUNT and at the end of which it draws up its BALANCE SHEET. JOINT-STOCK COMPANIES are required by law to prepare ANNUAL REPORTS AND ACCOUNTS for the shareholders. Many firms now prepare quarterly, monthly or even weekly trading accounts to give managers prompt feedback about performance.

Accounting Period

The period (normally 12 months) that a taxpayer uses to determine federal income tax liability. Unless a taxpayer makes a specific choice to the contrary, his accounting period is the calendar year.
References in periodicals archive ?
The business unit's CAS-covered contract awards in the most recently completed accounting period are 30% or more of total company sales or $10 million or more.
If, say, your year end was September 30, 2015, and you wanted to invest PS625,000 in new plant you would be better splitting this into two different accounting periods.
Accountants use depreciation to allocate the cost of the investment over many accounting periods.
If the short period return is made because of a change in accounting period, the income during the short period must be annualized, and deductions and exemptions prorated.
2006-45 for corporations that exit a consolidated group and request consent to change their annual accounting periods.
8 million [pounds sterling]), it could extend its accounting period until after 29 March and become audit-exempt to the full extent of the other financial criteria under the new regime: turnover less than 5.
The accounting period for the overseas units was changed from one ending Dec.
Statement of cash flows - reports the effect of a firm's operating, investing, and financing activities on cash flows over an accounting period.
A company may make a loss relief claim under the newrules when It makes Its return for an accounting period ending between November 24 2008 and November 23 2009.
For example, it may be advisable to reinstate the system in which a bank is to be refunded a portion of corporate taxes paid in the past if and when it has suffered losses during its accounting period.
5, contains optional terms and conditions for taxpayers with prior accounting period changes.