[13] Some companies draw up financial statements to the same day of the week, a Sunday, say, each year.
In the United States the method is referred to as the 52–53 Week Fiscal Year and is approved for use under US Generally Accepted Accounting Principles (GAAP) and the Internal Revenue Code.
[15] An accounting period ends immediately before the day a company enters into administration.
[19] After this, an accounting period does not end other than by the expiration of 12 months from its beginning or by the completion of the winding up.
[23] If section 444AA applies, an accounting period of the transferor company ends immediately before the transfer, and the transferor also has an accounting period covering the instant of the transfer (except for the purposes of calculating the equalisation provision for tax purposes).
It agrees with the Financial Services Authority that it does not need to prepare a periodical return for 20X1.
XYZ Life Ltd will have the following accounting periods in 20X1: If a company carries on a business of leasing plant or machinery, is within the charge to corporation tax in respect of the business and there is a qualifying change of ownership in relation to the company, then an accounting period of the company ends on the day of that qualifying change in ownership, and a new accounting period begins on the following day.
[25] Other provisions in the Taxes Acts sometimes deem there to be accounting periods for specific purposes only.
For example, when section 75 of the Income and Corporation Taxes Act 1988 was replaced as a result of the Finance Act 2004, companies, if necessary, deemed themselves to have an accounting period ending on 31 March 2004 for the purposes of calculating management expenses that they were entitled to under the rules applying pre-1 April 2004 and post-31 March 2004.