Accounting Period
/ˈakaʊntɪŋ ˈpɪəriəd/
Definitions
- (n.) A fixed span of time for which financial accounts are prepared and reported, commonly monthly, quarterly, or annually.
The company must close the books at the end of each accounting period.
- (n.) The fiscal timeframe used to determine taxable income and obligations under tax law.
Tax returns are filed based on the taxpayer's accounting period.
Forms
- accounting period
- accounting periods
Related terms
See also
Commentary
The term defines the duration for financial reporting and taxation purposes; precision in specifying the period is critical in contracts and compliance documents.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.