The length of time covered by financial statements and other
reports; also called reporting periods. Fiscal accounting periods range
from 6 months to 12 months, and most companies usually have a year-end
of December 31st. That is, by this date all accounting records for the
year must have been posted to the general ledger & the company must
produce financial statements for viewing by interested parties such as
shareholders, creditors, investors and internal/external management.
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