Accounting period convention

Accounting data should be recorded over a definable period of time. The usual period is one year, called the financial year, ending on June 30 in Australia (December 31 in China). The financial period could, however, be any period of 12 months.

The end of an accounting period is referred to as the balance date. It is on this day that the accounting records are balanced and accounting reports prepared.

Be the first to comment on "Accounting period convention"

Leave a comment

Your email address will not be published.


This site uses Akismet to reduce spam. Learn how your comment data is processed.