Accounting period

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1. Financial reporting.

The period for which any set of accounts is prepared.

Balance sheets report balances as at the last date in the accounting period.

Cash flow statements, income statements, and other primary financial statements report information for the entire accounting period.

2. Tax.

A period upon which UK corporation tax is assessed and charged on profits arising in the period.

This period cannot exceed 12 months.

Also known as the 'period of account'.

See also