Recognizing income or an expense in the period it relates to, even when payment happens at another time.Related termsMonth-end closeReconciliationP&LFiled underFinanceLuxury is the new lingua franca that brings the world together in shared dreams of design, craftsmanship, heritage, and impeccable service.Icons of LuxuryExplore the collection Leather goods The Louis Vuitton Neverfull Leather goods The Louis Vuitton Noé Jewelry The Tiffany Setting Watches and jewelry Bvlgari’s Serpenti Leather goods and textiles The Prada nylon backpack Watches The Rolex Submariner
