Fiscal Year

A fiscal year (or financial year, or sometimes budget year) is a period used for calculating annual ("yearly") 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. The "fiscal year" may also refer to the year used for income tax reporting.

Some companies choose to end their fiscal year on the same day of the week, such day being the one closest to a particular date (for example, the Friday closest to 31 December). Under such a system, some fiscal years will have 52 weeks and others 53 weeks. Major corporations that adopt this approach include Cisco Systems.

In the United Kingdom, a number of major corporations that were once government owned, such as BT Group and the National Grid, continue to use the government's financial year, which ends on the last day of March, as they have found no reason to change since privatisation.

Nevertheless, the fiscal year is identical to the calendar year for about 65% of publicly traded companies in the United States and for a majority of large corporations in the UK and elsewhere (with notable exceptions Australia, New Zealand and Japan).

Many universities have a fiscal year which ends during the summer, both to align the fiscal year with the school year (and, in some cases involving public universities, with the state government's fiscal year), and because the school is normally less busy during the summer months. In the Northern hemisphere this is July in one year to June in the next year. In the southern hemisphere this is January to December of a single calendar year.

Some media/communication based organizations use a broadcast calendar as the basis for their fiscal year.

Read more about Fiscal Year:  Operation in Various Countries/region, Chart of Various Fiscal Years, Tax Year

Other articles related to "fiscal year, year, years":

Project AGILE - Coverage - Subproject VII - OCONUS and CONUS Test Programs
... test program, which began in fall 1962 and which was funded at least through fiscal year 1963, was considered by the Chemical Corps to be “an ambitious one.” The tests were designed to cover “not only ... led, therefore, to a significant increase in research dollars in fiscal year 1962 to conduct additional research in these areas ... anti-crop activities in Southeast Asia.” By the end of fiscal year 1962, the Chemical Corps had let or were negotiating contracts for over one thousand chemical defoliants ...
Aurubis - Production
... Fiscal year 2010/11 The good raw material supply ensured high capacity utilisation of the production plants during the entire fiscal year ... t of concentrates (2,063,000 t in the prior year) were processed at the Hamburg and Pirdop sites ... acid output decreased to 2,002,000 t (2,071,000 t in the prior year) due to the concentrate throughput ...
Aurubis - Financial Situation and Capital Expenditure
... Fiscal year 2010/11 The good business performance had a positive effect on the IFRS gross cash flow, which at € 792 million was € 280 million up on the prior-year value (€ 512 million in the prior. 374 million, about € 53 million below the comparable prior-year value ... which was € 333 million above the prior-year value ...
Fiscal Year - Tax Year
... The fiscal year for individuals and entities to report and pay income taxes is often known as the taxpayer's tax year or taxable year ... in many jurisdictions may choose their tax year ... States, Canada, Switzerland), state/provincial/cantonal tax years must be the same as the federal year ...
Chinese Financial System - Fiscal Year
... China's fiscal year follows the calendar year (January 1 to December 31). ...

Famous quotes containing the word year:

    We are playing with fire when we skip the years of three, four, and five to hurry children into being age six.... Every child has a right to his fifth year of life, his fourth year, his third year. He has a right to live each year with joy and self-fulfillment. No one should ever claim the power to make a child mortgage his today for the sake of tomorrow.
    James L. Hymes, Jr. (20th century)