A basis for assessing profits where the assessment in any given fiscal year is based on the accounts that ended during the previous tax year. In the UK, the PYB was replaced by the current-year basis of assessment from 1997--98 onwards.
Preceding-Year Basis (PYB) is an accounting method used for reporting financial activities of one year in comparison with the preceding year. This approach allows businesses to analyze and compare financial performance over consecutive fiscal years.
