diff --git a/Options.hs b/Options.hs
index 8d9d3d21c..f45706c96 100644
--- a/Options.hs
+++ b/Options.hs
@@ -23,7 +23,7 @@ usageftr    = "\n" ++
               "  print    - show formatted ledger entries\n" ++
               "  register - show register transactions\n" ++
               "\n" ++
-              "Dates can be y/m/d or ledger-style smart dates like november or last week.\n" ++
+              "All dates can be y/m/d or ledger-style smart dates like \"last month\".\n" ++
               "Account and description patterns are regular expressions which filter by\n" ++
               "account name and entry description. Prefix a pattern with - to negate it,\n" ++
               "and separate account and description patterns with --.\n" ++
@@ -39,8 +39,8 @@ options = [
  Option ['f'] ["file"]         (ReqArg File "FILE")   filehelp,
  Option ['b'] ["begin"]        (ReqArg Begin "DATE") "report on entries on or after this date",
  Option ['e'] ["end"]          (ReqArg End "DATE")   "report on entries prior to this date",
- Option ['p'] ["period"]       (ReqArg Period "EXPR") ("report on entries during this calendar period\n" ++
-                                                       "(where EXPR is a single smart DATE)\n"),
+ Option ['p'] ["period"]       (ReqArg Period "EXPR") ("report on entries during the specified period\n" ++
+                                                       "and/or with the specified reporting interval\n"),
  Option ['C'] ["cleared"]      (NoArg  Cleared)       "report only on cleared entries",
  Option ['B'] ["cost","basis"] (NoArg  CostBasis)     "report cost basis of commodities",
  Option []    ["depth"]        (ReqArg Depth "N")     "balance report: maximum account depth to show",
diff --git a/README b/README
index ba2e208be..e572352d1 100644
--- a/README
+++ b/README
@@ -58,7 +58,7 @@ description patterns, the LEDGER environment variable, and these options::
    Report filtering:
    -b, --begin DATE       set report begin date
    -e, --end DATE         set report end date
-   -p, --period EXPR      report using the given period (limited support)
+   -p, --period EXPR      report using the given period
    -C, --cleared          consider only cleared transactions
    -R, --real             consider only real (non-virtual) transactions
  
@@ -76,9 +76,9 @@ description patterns, the LEDGER environment variable, and these options::
    register [REGEXP]...   show register of matching transactions
    print    [REGEXP]...   print all matching entries
 
-We handle simple display expressions consisting of a date predicate,
-and simple period expressions consisting of a single smart date.
-Also the following hledger-specific features are supported::
+We handle (almost) the full period expression syntax, and simple display
+expressions consisting of a date predicate.  Also the following
+hledger-specific features are supported::
 
    --depth=N              balance report: maximum account depth to show
    --options-anywhere     allow options anywhere, use ^ for negative patterns
@@ -155,11 +155,10 @@ gnucash files, and the following options::
 Other differences
 .................
 
-* hledger keeps differently-priced amounts of the same commodity separate, at the moment
-* hledger refers to the entry and transaction "description", ledger calls it "note"
-* hledger doesn't require a space after flags like -f
+* hledger keeps differently-priced amounts of the same commodity separate at the moment
+* hledger refers to the entry's and transaction's "description", ledger calls it "note"
+* hledger doesn't require a space before command-line option values
 * hledger doesn't parse all ledger file constructs (and may choke ? please report)
-* hledger interprets "last/this/next week" as weeks beginning on monday
 * hledger provides "--cost" as a synonym for "--basis"
 * hledger's "weekly" reporting intervals always start on mondays
 * hledger shows start and end dates of full intervals, not just the span containing data