Changes

{{calendars}}A '''fiscal year''' (or '''financial year''' or '''accounting reference date''', or sometimes '''budget year''') is a 12 or 13-[[month]] period used for calculating annual ("yearly") [[financial statement]]s in [[business]]es and other organizations. In many jurisdictions, regulatory [[law]]s regarding [[accounting]] require such reports once per twelve months, but do not require that the twelve months constitute a [[calendar year]] (i.e. January to December). The financial results presented to shareholders are therefore a "photocopy" (or "snapshot") of the company's accounts at the accounting reference date.  Fiscal years vary between businesses and countries.

A '''fiscal year''' (or '''financial year''' or '''accounting reference date''', or sometimes '''budget year''') is a 12 or 13-[[month]] period used for calculating annual ("yearly") [[financial statement]]s in [[business]]es and other organizations. In many jurisdictions, regulatory [[law]]s regarding [[accounting]] require such reports once per twelve months, but do not require that the twelve months constitute a [[calendar year]] (i.e. January to December). The financial results presented to shareholders are therefore a "photocopy" (or "snapshot") of the company's accounts at the accounting reference date.  Fiscal years vary between businesses and countries.

==Disparity with the calendar year==

==Disparity with the calendar year==

Often the fiscal or tax year is specifically established not to match the calendar year (also called natural year) so that accounting year-end work does not coincide with periods of high activity, such as the Christmas shopping rush for retailers, or with [[holiday]] periods when employees may prefer to take vacation.   

{{OMG300}}Often the fiscal or tax year is specifically established not to match the calendar year (also called natural year) so that accounting year-end work does not coincide with periods of high activity, such as the Christmas shopping rush for retailers, or with [[holiday]] periods when employees may prefer to take vacation.   

A popular use of a non-calendar year as the fiscal year involves retailers. In many countries, at the end of December, levels of [[inventory]], [[receivable]]s and [[payable]]s will be higher than at other month ends and consequently more complex and time-consuming to measure accurately.  Therefore, retailers commonly use a month other than December to end their fiscal year. January may be chosen as the last month of the fiscal year because activity levels are likely to be closer to normal by the end of January.

A popular use of a non-calendar year as the fiscal year involves retailers. In many countries, at the end of December, levels of [[inventory]], [[receivable]]s and [[payable]]s will be higher than at other month ends and consequently more complex and time-consuming to measure accurately.  Therefore, retailers commonly use a month other than December to end their fiscal year. January may be chosen as the last month of the fiscal year because activity levels are likely to be closer to normal by the end of January.

[[Category:Generally Accepted Accounting Principles]]

[[Category:Generally Accepted Accounting Principles]]

[[Category:Taxation]]

[[Category:Taxation]]

[[Category:Calendars]]

[[Category:Calendars]][[Category:Accounting]]

 

[[de:Geschäftsjahr]]

[[zh:財政年度]]