A time frame which designates the previous accounting month, quarter, or year. Generally used in association with adjustments made in the revenue or expenses of the current accounting year to reflect either a new accounting policy or error corrections.

Related information about prior period:

1. Prior Period Adjustment: Definition from Answers.com
   In accounting, charge that relates to a previous year that should have no effect on the current year, such as the collection or payment of money arising.
    
2. What is prior period? definition and meaning
   Definition of prior period: A time frame which designates the previous accounting month, quarter, or year. Generally used in association with adjustments made ...
    
3. What is prior period adjustments? definition and meaning
   Definition of prior period adjustments: Adjustment of material errors in a prior period financial statement made directly to the retained earnings account, and ...
    
4. Accounting Changes and Prior Period Adjustments - HUD
   Question # 1: What is an accounting change? Answer #1: An accounting change represents: A change in (a) accounting principle, (b) an accounting estimate, or ...
    
5. Net Profit or Loss for the Period, Prior Period Items and Changes in ...
   requires the classification and disclosure of extraordinary and prior period items ... items, prior period items, changes in accounting estimates, and changes in ...
    
6. Prior period adjustment
   Dec 8, 2008 ... Prior period adjustments are additions or changes to revenues and expenses that applicable to the financial statement of a prior period. This is ...
    
7. What is a prior period adjustment? - Questions & Answers ...
   Mar 28, 2011 ... Since the second situation is both highly specific and rare, a prior period adjustment really applies to just the first item - the correction of an error ...
    
8. Prior Period Adjustment - Financial Dictionary - The Free Dictionary
   Correction of a material mistake in reported income in an earlier financial statement. Although prior period adjustments affect retained earnings, they are not ...