It is generally a quarter or a year.
Accounting Period Definition. An accounting period is also known as a tax year for income-reporting purposes. A business has the option of using the traditional 12-month calendar tax year used by individual taxpayers across the country or adopting a 12-month fiscal year. DEFINITION of 'Accounting Period'. The time span in which certain financial events took place. The accounting period is generally a quarter or a year and reflects all of the financial activity that occurred during that time. However, it should be noted that even though accounting periods tend to be generically similar and encompass a like amount of time. Reporting Period. Definition: A reporting period is the span of time covered by a set of financial statements. The reporting period is typically either for a month, quarter, or year. Organizations use the same reporting periods from year to year, so that their financial statements can be compared to the ones produced for prior years. The reporting period is stated in the header of a financial report. The period ends with publication of the period's financial statements. The Accounting period (Reporting period) is the time period for which a company or organization reports financial performance and financial position.
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accounting annual reporting period definition