We propose a context-logic style formalism, Timed Reasoning Logics (TRL), to describe resource-bounded reasoners who take time to derive consequences of their knowledge. The semantics of TRL is grounded in the agent’s computation, allowing an unambiguous ascription of the set of formulas which the agent actually knows at time t. We show that TRL can capture various rule application and conflict resolution strategies that a rule-based agent may employ, and analyse two examples in detail: TRL(STEP) which models an all rules at each cycle strategy similar to that assumed in step logic [5], and TRL(CLIPS) which models a single rule at each cycle strategy similar to that employed by the CLIPS [22] rule based system architecture. We prove a general completeness and decidability results for TRL(STEP).