Picture that is framing periodical (5)
I believe the answer is:
image
'picture' is the definition.
('image' can be a synonym of 'picture')
'that is framing periodical' is the wordplay.
'that is' becomes 'ie' ('i.e.' can be a synonym of 'that is').
'framing' means one lot of letters goes inside another.
'periodical' becomes 'mag' (abbreviation for magazine).
'ie' going around 'mag' is 'IMAGE'.
(Other definitions for image that I've seen before include "Presentation" , "Copy" , "Public impression" , "Simile, metaphor" , "Purplish pigment; pool" .)