The fifth step in the accounting cycle refers to the balance being drawn up
The fifth step in the accounting cycle involve preparing and publishing the period's financial reports. Publishing must occur after the accounting period closes, of course, because the published statements cover account activity through the final day of the period. Publishing may not happen, however, until the firm allows time for several kinds of final adjustments and auditing. Note that the time between closing the reporting period and the date the firm authorizes statements for publishing the fifth step in the accounting cycle is called the reporting period.