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Is it possible to change the accounting period during the
financial year? For eg change it from 12 to 13 months ?
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Answer Posted / adam
I am a current ACCA student and doing lots of reading and
practises. Base ont what I know it possible to change priod
of accounts. They could be set for any time long according
to businesses preference provided that there is strong
ground for change and responsible authorities are informed,
e.g FSA- Financial Stadard Authority in the UK. When it
comes to Accounts periods, it is first crucial to elaborate
that it can not be set for more than 12 months period. It
is possible to have accounting period less than 12 months
but not more. For this reason I would say it is not
possible to change 12 months accounting period to 13
months. Accounting period is a period where profits get
ready to be charged for taxes.
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