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", and the Old English word gear, meaning "year".
Related Terms
- Accounting Year: The year according to which accounts are maintained in a business.
- Calendar Year: The period of time from January 1 through December 31.
- Tax Year: The 12-month period for which tax calculations are made.
Usage
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.
The fiscal year end (FYE) is the date that marks the end of the fiscal year. Some companies choose to end their fiscal year such as at the end of a major project or event; others end their fiscal year to coincide with the end of the calendar year.
See Also
External links
- Medical encyclopedia article on Fiscal Year
- Wikipedia's article - Fiscal Year
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