Measure of Income

The period covered by a set of financial statements is called the accounting period. For most entities, the official accounting period is one year, usually the calendar year, ending on the 31st of December. Some entities find that another 12-month period, such as the year ending on the 30th June, is more useful, while tax legislation in some countries may dictate that final accounts need to be provided for the tax year. For example, in the U.K. the tax year ends on 5th April. However, the owners or managers of an organisation cannot wait for 12 months to find out how the organisation is performing.

Therefore, Artemis Accounts is set up to provide you with financial statements at any time during the accounting period. These are called interim statements, to distinguish them from the annual statements.