Accounting Period is also known as financial period. It is a period when a business needs to prepare its accounts.
Financial statements are produced for a period of 12 months with interim accounts being produced for the first six month. The management accounts which are produced for internal purpose need to be produced either monthly or quarterly.
The accounting period will start to run when a company begins to trade or after a previous accounting period ends immediately. An accounting period ends a the earliest of the 12 months after the start date, at the end of the company’s period of account, the start of a winding up and on ceasing to be UK resident.