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 ?
Marketing and advertising should establish brand value that will generate revenue for many accounting periods into the future--just like physical capacity.
2007-64 is effective for changes in annual accounting periods for which the first effective year ends on or after October 18, 2006.
SMEs and groups are prohibited from qualifying as such merely by extending their accounting periods so that they end on or after 30 January 2004.
an interim dividend as the final dividend for that accounting period, if any,
It is also necessary to extend the period in which corporations that have suffered losses in their accounting period may deduct their losses from their income in their ensuing accounting periods.
After the close of an accounting period, have material reversing entries been made to the inventory account?
3(a)(1) to show that cost accruals that are deffered for more than one accounting period represent a form of deferred compensation.
An S corporation seeking automatic approval to change its accounting period should follow Rev.
All or substantially all of the subsidiary's business in a tax accounting period is not carried on with other group members
The auditor will normally find that revenue recognition frauds can be subdivided into three categories: holding the books open past the end of the accounting period, recording revenue when services are still due and shipping merchandise before the sale is final.
Further, Burlington's accounting period for capital expenditures runs through November 30 of each calendar year, such that capital expenditures incurred in December of each year are actually accounted for as part of the following year's capital expenditures.