Time Period Principle Definition

In accounting, the time period principle states that all companies can divide their activities into short, consistent, and specific periods of time such as weekly, monthly, or annually.

Recent Articles

What’s New?: IFRS Updates for 2023

What’s New?: IFRS Updates for 2023

Summary provided by MaterialAccounting.com: This article provides key updates from the IFRS.   It is officially summer and a time for well-deserved vacations. This time of year, when most people hear the word “international”, they think of exciting vacation...

What Nonprofits Need to Know About ASC 842

What Nonprofits Need to Know About ASC 842

Summary provided by MaterialAccounting: Nonprofits transitioning to ASC 842 can read this article from LeaseQuery to get the tricks and tips they need for implementation.  ASC 842 at a glance ASC 842 is the new FASB lease accounting standard. It governs how entities...

Time-consuming government-reporting requirements on the horizon

Time-consuming government-reporting requirements on the horizon

Summary provided by MaterialAccounting.com: This article discusses upcoming changes to the financial reporting requirements under GASB.  --- The pace of issuance and implementation of new Governmental Accounting Standards Board statements continues to accelerate. Not...

Exploring the Differences Between IFRS and GAAP

Exploring the Differences Between IFRS and GAAP

Summary provided by MaterialAccounting: This article compares and contrasts IFRS and GAAP, including examples.  -- The world of financial reporting operates on two major frameworks. These include International Financial Reporting Standards (IFRS) and Generally...