fiscal year
fiscal year
fiscal year
English Definitions:
fiscal year, financial year (noun)
any accounting period of 12 months
fiscal year (Noun)
An accounting period of one year, not necessarily coinciding with the calendar year.
Fiscal year
A fiscal year is a period used for calculating annual 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. 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. 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.
Fiscal year
A fiscal year (or financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. 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 not the reporting period to align with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxes, such as income tax. Many annual government fees—such as council tax and license fees, are also levied on a fiscal year basis, but others are charged on an anniversary basis. Some companies, such as Cisco Systems, end their fiscal year on the same day of the week each year: the day that is closest to a particular date (for example, the Friday closest to 31 December). Under such a system, some fiscal years have 52 weeks and others 53 weeks.The calendar year is used as the fiscal year by about 65% of publicly-traded companies in the United States and for most large corporations in the United Kingdom. That is the case in many countries around the world with a few exceptions such as Australia, New Zealand, and Japan.Many universities have a fiscal year which ends during the summer to align the fiscal year with the academic year (and, in some cases involving public universities, with the state government's fiscal year) and also because the university is normally less busy during the summer months. In the Northern Hemisphere, that is July to the next June. In the Southern Hemisphere, that is the calendar year, January to December. Some media/communication-based organizations use a broadcast calendar as the basis for their fiscal year.
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"fiscal year." Kamus.net. STANDS4 LLC, 2024. Web. 28 Mar. 2024. <https://www.kamus.net/english/fiscal+year>.
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