Fiscal year

Fiscal year is a term used in accounting and budgeting to denote the start and end dates for a twelve-month period that a company or organization uses for budgeting, forecasting, and reporting. The fiscal year is not always the same as the calendar year, and the dates can vary between different countries.

Definition

A fiscal year (or financial year, budget year), is a period used for calculating annual (fiscal) financial statements in businesses and other organizations. In many jurisdictions, regulatory laws regarding accounting and taxation require such reports once per twelve months, but do not require that the period reported on constitutes a calendar year (that is, 1 January to 31 December). Fiscal years vary between businesses and countries.

Fiscal year by country

Different countries start their fiscal year at different times. For example, the United States federal government's fiscal year starts on October 1 and ends on September 30. In Australia, the fiscal year starts on July 1 and ends on June 30, while in Canada, it starts on April 1 and ends on March 31.

Fiscal year in business

In business, the fiscal year is determined by the company, based on their needs. For example, a company might start its fiscal year on the date when it was founded, or on the start of a major project.

See also

• Calendar year
• Accounting period
• Financial statement
• Budget

References

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