Calendar year accounting period is the accounting period that uses the calendar year, which is the common Gregorian calendar, and begins on January 1 and ends on December 31. An accounting period is an established time frame within which accounting functions are performed, summarized, and analyzed for the calculation of all annual financial information such as income taxes. The accounting period can usually be a calendar year or a fiscal year.
[Last updated in November of 2021 by the Wex Definitions Team]