Fiscal year
Fiscal Year
A Fiscal Year (pronounced: /ˈfɪskəl jɪər/) is a period used by governments for accounting and budget purposes, which varies between countries. It is also used for financial reporting by businesses and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis, but generally do not require the reporting period to align with the calendar year (1 January to 31 December).
Etymology
The term "Fiscal Year" originates from the Latin word fiscus, meaning "state treasury". The term "year" is derived from the Old English gear, which has cognates in various other Indo-European languages and can be traced back to the Proto-Indo-European root *yeh₁r-.
Related Terms
Usage
The fiscal year is the established period of time when an organization's annual financial records commence and conclude. A company’s fiscal year is its financial year; it is any 12-month period that the company uses for accounting purposes. The fiscal year is expressed by stating the year-end date. A fiscal year-end is usually the end of any quarter, such as March 31, June 30, September 30, or December 31.
Fiscal Year in Different Countries
The fiscal year varies from country to country. For example, in the United States, the fiscal year for the federal government starts on October 1 and ends on September 30. In the United Kingdom, the fiscal year starts on April 1 and ends on March 31. In Australia, the fiscal year starts on July 1 and ends on June 30.
See Also
External links
- Medical encyclopedia article on Fiscal year
- Wikipedia's article - Fiscal year
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