Modern Prophecy
Modern Prophecy could be any prophecy that has come forth during this, the "Last Dispensation of Time," or Last Days. The Last Dispensation of Time began when Joseph Smith saw his First Vision and thus became a prophet. Since the Book of Mormon and the Pearl of Great Price were revealed and translated during this time period, they are often casually called "modern prophecy," even though they are ancient documents. The Doctrine and Covenants, however, is a collection of modern prophecy.
Not all the revelations of the prophets and General Authorities of the Church are contained in the Doctrine and Covenants. Joseph Smith, John Taylor, and George Albert Smith all experienced the same vision of last-days' destruction in the United States, and those prophecies are available elsewhere.
When the apostles and prophets speak in General Conference, their discourses are often prophetic. Latter-day Saints are accustomed to hearing these prophetic utterances, and most know how to adapt the information for preparation for the future. However, outsiders often take every statement literally and misunderstand. A recent example is a talk given by Dallin H. Oaks on the gay rights agenda.