Which of the following time period configurations can be selected when creating an application in Financial Consolidation and Close?

When creating an application in Oracle Financial Consolidation and Close, the capability to select a specific time period configuration is essential for aligning financial reporting requirements with organizational practices.

Choosing the option that includes 12-month and 13-month configurations allows for flexibility in financial reporting. The 12-month configuration is standard for annual financial cycles, while the 13-month configuration accommodates an additional month that can be used for various purposes, such as year-end adjustments, analysis, or extra reporting requirements. This flexibility is crucial for organizations that may close their financials based on a different timing structure, such as a fiscal year that does not align with the calendar year.

The inclusion of only the 12-month or 14-month options would limit the application’s usability in various financial reporting scenarios, making 12-month and 13-month the most versatile choice. Thus, this option aligns well with the diverse needs of different organizations, allowing for comprehensive financial consolidation and analysis.