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 ?
In this accounting period we began shipping off rails on a new annual contract with Russian Railways, which led to a major increase in rail production at our universal rolling mill.
In this accounting period, subsidiaries of our Mechel Service Global network were very efficient in boosting sales of regular flats produced by third parties to European Union engineering companies.
In order to facilitate taxpayers, the FBR has decided that the tax periods for sales tax and FED audit would be the corresponding accounting period adopted for the purpose of return of income under the ITO.
* 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. The government sets the depreciation rules for tax purposes.
We are now able to close our accounting period on time, which has eliminated delays and improved efficiency.
Profit before tax was PS10.4m, up from PS10.3m in the previous year, equivalent to an 18% rise given the shorter accounting period. The group's shipyards were kept busy last year by maintenance work on Royal Fleet Auxiliary vessels and construction of the flight decks of the Royal Navy's new aircraft carrier HMS Queen Elizabeth ll.
Is there a mechanism in place to allow the registrant to convert to calendar month filing part way through a fiscal year where CRA has previously approved another accounting period for that registrant for that fiscal year?
The total contract value is GBP1,595,000 (including VAT) and the board anticipates the majority of the revenue from the contract to fall in the accounting period ended 31 December 2012 as previously stated.
The year used for reporting tax liability must generally correspond to the taxpayer's accounting period. (5b) Thus, if the taxpayer keeps books on a fiscal year basis he cannot determine his tax liability on a calendar year basis.
The company has reported an improvement in both occupancy and average daily rate, and has increased 9% year-over-year in the company's fifth accounting period.