- 1) (financial period; period of account) The period for which a business prepares its accounts. Internally, management accounts may be produced monthly or quarterly. Externally, financial statements are produced for a period of 12 months, although this may vary when a business is set up or ceases or if it changes its accounting year end.2) (chargeable account period) A period in respect of which a corporation tax assessment is raised. It cannot be more than 12 months in length. An accounting period starts when a company begins to trade or immediately after a previous accounting period ends. An accounting period ends at the earliest of:• 12 months after the start date,• at the end of the company's period of account,• the start of a winding-up,• on ceasing to be UK resident.
Accounting dictionary. 2014.
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