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Encyclopedia > Fiscal year
Calendars
v  d  e
Common use Astro · Gregorian · Islamic · ISO · Julian
Calendar Types
Lunisolar · Solar · Lunar

Selected usage Armenian · Bahá'í · Bengali · Berber · Bikram Samwat · Buddhist · Chinese · Coptic · Ethiopian · Germanic · Hebrew · Hindu · Indian · Iranian · Irish · Japanese · Javanese · Juche · Korean · Malayalam · Maya · Minguo · Nanakshahi · Nepal Sambat · Tamil · Thai (LunarSolar) · Tibetan · Turkish · Vietnamese· Yoruba · Zoroastrian
Calendar Types
Original Julian · Runic

A fiscal year (or financial year or accounting reference date) is a 12-month period used for calculating annual ("yearly") financial statements in businesses and other organizations. In many jurisdictions, regulatory laws 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 Tunisian calendar showing Gregorian, Islamic and Berber dates // Afghan calendar (Afghan Calendar Project) Armenian calendar Astronomical year numbering Baháí calendar Bengali calendar Berber calendar Buddhist calendar Chinese calendar Coptic calendar Ethiopian calendar Fiscal year Germanic calendar (still in use by Ásatrúar) Gregorian calendar Hebrew calendar Hindu calendars Indian... Astronomical year numbering is based on BCE/CE (or BC/AD) year numbering, but follows normal decimal integer numbering more strictly. ... For the calendar of religious holidays and periods, see liturgical year. ... The Islamic calendar or Muslim calendar (Arabic: التقويم الهجري; at-taqwīm al-hijrī; Persian: تقویم هجري قمری ‎ taqwīm-e hejri-ye qamari; also called the Hijri calendar) is the calendar used to date events in many predominantly Muslim countries, and used by Muslims everywhere to determine the proper day on which to celebrate... The ISO week date system is a leap week calendar system that is part of the ISO 8601 date and time standard. ... The Revised Julian calendar is a calendar that was considered for adoption by the Eastern Orthodox churches at a synod in Istanbul in May 1923. ... A lunisolar calendar is a calendar whose date indicates both the moon phase and the time of the solar year. ... A solar calendar is a calendar whose dates indicate the position of the earth on its revolution around the sun (or equivalently the apparent position of the sun moving on the celestial sphere). ... A lunar calendar is a calendar in many cultures that is oriented at the moon phase. ... The Baháí calendar, also called the Badí‘ calendar, used by the Baháí Faith, is a solar calendar with regular years of 365 days, and leap years of 366 days. ... The Bengali calendar (Bengali: ) is a traditional solar calendar used in Bangladesh and the states of West Bengal, Assam and Tripura in eastern India. ... The Berber calendar is the annual calendar used by Berber people in North Africa. ... Bikram Samwat (Bikram Sambat, Devnagari:बिक्रम संवत, abbreviated B.S.) is the calendar established by Indian emperor Vikramaditya. ... The Buddhist calendar is used on mainland southeast Asia in the countries of Cambodia, Laos, Thailand, and Myanmar (formerly Burma) in several related forms. ... The Coptic calendar, also called the Alexandrian calendar, is used by the Coptic Orthodox Church. ... The Hebrew calendar (‎) or Jewish calendar is the calendar used by Jews for religious purposes. ... A page from the Hindu calendar 1871-72. ... The Javanese calendar is a calendar used by the Javanese people. ... The Juche Idea (also Juche Sasang or Chuche; pronounced // in Korean, approximately joo-cheh) is the official state ideology of North Korea and the political system based on it. ... Malayalam calendar (also known as Malayalam Era or Kollavarsham) is a solar Sideral calendar used in the state of Kerala in South India. ... The Maya calendar is a system of distinct calendars and almanacs used by the Maya civilization of pre-Columbian Mesoamerica, and by some modern Maya communities in highland Guatemala. ... A calendar that commemorates the first year of the Republic as well as the election of Sun Yat-sen as the provisional President. ... The Nanakshahi (Punjabi: , ) calendar is a solar calendar that was adopted by the Shiromani Gurdwara Prabhandak Committee to determine the dates for important Sikh events. ... Nepal Sambat (Nepal Bhasa: नेपाल सम्बत) is a lunar calendar. ... The Tamil Calendar is followed by the Tamil speaking state of Tamil Nadu and Kerala in India, and by the Tamil population in Malaysia, Singapore & Sri Lanka. ... The Thai lunar calendar or Patitin Chantarakati (Thai: ปฏิทินจันทรคติ) was replaced by the Patitin Suriyakati (ปฎิทินสุริยคติ) Thai solar calendar in AD 1888 2431 BE for most purposes, but the Chantarakati still determines most Buddhist feast or holy days, as well as a day for the famous Loy Krathong festival. ... The Thai solar, or Suriyakati (สุริยคติ), calendar is used in traditional and official contexts in Thailand, although the Western calendar is sometimes used in business. ... The Tibetan calendar is a lunisolar calendar, that is, the Tibetan year is composed of either 12 or 13 lunar months, each beginning and ending with a new moon. ... The Zoroastrian calendar is a religious calendar used by members of the Zoroastrian faith, and it is an approximation of the (tropical) solar calendar. ... The Julian calendar was a reform of the Roman calendar which was introduced by Julius Caesar in 46 BC and came into force in 45 BC (709 ab urbe condita). ... Runic calendar - Norwegian - carved wood. ... Look up Month in Wiktionary, the free dictionary. ... Financial statements (or financial reports) are a record of a business financial flows and levels. ... In economics, a business is a legally-recognized organizational entity existing within an economically free country designed to sell goods and/or services to consumers, usually in an effort to generate profit. ... For other uses, see Law (disambiguation). ... It has been suggested that Accounting scholarship be merged into this article or section. ... According to the Gregorian calendar, the calendar year begins on January 1 and ends on December 31. ...

Disparity with the calendar year

Often the fiscal or tax year is specifically established not to match the calendar 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. For other uses, see Holiday (disambiguation). ...


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, receivables and payables 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. Inventory is a list of goods and materials, or those goods and materials themselves, held available in stock by a business. ... Accounts receivable is one of a series of accounting transactions dealing with the billing of customers who owe money to a person, company or organization for goods and services that have been provided to the customer. ... Accounts payable is a file or account that contains money that a person or company owes to suppliers, but hasnt paid yet. ...


In addition, many companies find that it is convenient for purposes of comparison and for accurate stock taking to always end their fiscal year on the same day of the week, where local legislation permits. Thus some fiscal years will have 52 weeks and others 53. Major corporations that adopt this approach include Cisco Systems and Tesco. “Cisco” redirects here. ... , For other uses, see Tesco (disambiguation). ...


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 fiscal year, which ends on the last day of March, as they have found no reason to change since privatisation. BT Group plc (formerly British Telecommunications plc) which trades as BT (pronounced Bee tee) (also previously as British Telecom and is still commonly known as such amongst the general public) is the privatised UK state telecommunications operator. ... The National Grid is the high-voltage electric power transmission network in Great Britain, connecting power stations and major substations and ensuring that electricity generated anywhere in Great Britain can be used to satisfy demand elsewhere. ... Privatization (sometimes privatisation, denationalization, or — especially in India — disinvestment) is the process of transferring property, from public ownership to private ownership. ...


Nevertheless, for about 65% of publicly traded companies in the United States and for the vast majority of large corporations in the UK and elsewhere, except in Australia, the fiscal year and calendar year are identical.


Many universities have a fiscal year which ends during the summer, both to align the fiscal year with the school year, and because the school is normally less busy during the summer months. Examples include Harvard University[1] and the University of Oxford[2]. A university is an institution of higher education and of research, which grants academic degrees. ... The school year, also academic year, describes the time(s) a student goes to school, college, university etc. ... Harvard University (incorporated as The President and Fellows of Harvard College) is a private university in Cambridge, Massachusetts, USA and a member of the Ivy League. ... The University of Oxford (informally Oxford University), located in the city of Oxford, England, is the oldest university in the English-speaking world. ...


Operation in various countries

Such fiscal years are typically numbered using a calendar year and quarter thereof. A fiscal quarter is 3 months (1/4 of a year). For example, the United States government fiscal year for 2008 ("FY08", sometimes written "FY07–08") is as follows: This article describes the government of the United States. ... 2008 (MMVIII) will be a leap year starting on Tuesday of the Anno Domini (common) era, in accordance with the Gregorian calendar. ...

So the U.S. government's fiscal year begins on October 1 of the previous calendar year and ends on September 30 of the year with which it is numbered. Prior to 1976, the fiscal year began on July 1 and ended on June 30. The Congressional Budget and Impoundment Control Act of 1974 stipulated the change to allow Congress more time to arrive at a budget each year, and provided for what is known as the "transitional quarter" from July 1, 1976 to September 30, 1976. As stated above, the tax year for a business is governed by the fiscal year it chooses. is the 274th day of the year (275th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 365th day of the year (366th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 1st day of the year in the Gregorian calendar. ... 2008 (MMVIII) will be a leap year starting on Tuesday of the Anno Domini (common) era, in accordance with the Gregorian calendar. ... is the 90th day of the year (91st in leap years) in the Gregorian calendar. ... 2008 (MMVIII) will be a leap year starting on Tuesday of the Anno Domini (common) era, in accordance with the Gregorian calendar. ... is the 91st day of the year (92nd in leap years) in the Gregorian calendar. ... 2008 (MMVIII) will be a leap year starting on Tuesday of the Anno Domini (common) era, in accordance with the Gregorian calendar. ... is the 181st day of the year (182nd in leap years) in the Gregorian calendar. ... 2008 (MMVIII) will be a leap year starting on Tuesday of the Anno Domini (common) era, in accordance with the Gregorian calendar. ... is the 182nd day of the year (183rd in leap years) in the Gregorian calendar. ... 2008 (MMVIII) will be a leap year starting on Tuesday of the Anno Domini (common) era, in accordance with the Gregorian calendar. ... is the 273rd day of the year (274th in leap years) in the Gregorian calendar. ... 2008 (MMVIII) will be a leap year starting on Tuesday of the Anno Domini (common) era, in accordance with the Gregorian calendar. ... is the 274th day of the year (275th in leap years) in the Gregorian calendar. ... is the 273rd day of the year (274th in leap years) in the Gregorian calendar. ... Year 1976 Pick up sticks(MCMLXXVI) was a leap year starting on Thursday (link will display full calendar) of the Gregorian calendar. ... is the 182nd day of the year (183rd in leap years) in the Gregorian calendar. ... is the 181st day of the year (182nd in leap years) in the Gregorian calendar. ... The Congressional Budget and Impoundment Control Act of 1974 is a U.S. federal law passed by the United States Congress specifying that the President may propose to Congress that funds be rescinded. ... is the 182nd day of the year (183rd in leap years) in the Gregorian calendar. ... Year 1976 Pick up sticks(MCMLXXVI) was a leap year starting on Thursday (link will display full calendar) of the Gregorian calendar. ... is the 273rd day of the year (274th in leap years) in the Gregorian calendar. ... Year 1976 Pick up sticks(MCMLXXVI) was a leap year starting on Thursday (link will display full calendar) of the Gregorian calendar. ...


The Australian government's fiscal year begins on July 1 and concludes on June 30 of the following year. This applies for personal income tax and the federal budget. In Canada, the United Kingdom, New Zealand, India and Hong Kong, the government's financial year runs from April 1 to March 31, and the United Kingdom corporation tax is charged by reference to that period. The Commonwealth of Australia is a constitutional monarchy, a federation, and a parliamentary democracy. ... is the 182nd day of the year (183rd in leap years) in the Gregorian calendar. ... is the 181st day of the year (182nd in leap years) in the Gregorian calendar. ... is the 91st day of the year (92nd in leap years) in the Gregorian calendar. ... is the 90th day of the year (91st in leap years) in the Gregorian calendar. ... Tax rates around the world Tax revenue as % of GDP Part of the Taxation series        Corporation tax is a tax levied in the United Kingdom on the profits made by companies and associations that are resident for tax purposes, and on the profits of permanent establishments of non-UK resident...


In the UK, the tax year (which governs liability to income tax and capital gains tax) runs from April 6 to April 5. This reflects the old ecclesiastical calendar, with New Year falling on March 25 (Lady Day), the difference being accounted for by the eleven days "missed out" when Great Britain converted from the Julian Calendar to the Gregorian Calendar in 1752 (the British tax authorities, and landlords were unwilling to lose 11 days of tax and rent revenue, so under provision 6 (Times of Payment of Rents, Annuities, &c.) of the Calendar (New Style) Act 1750, the 1752–3 tax year was extended by 11 days). From 1753 until 1799, the tax year in Great Britain began on 5 April, which was the "old style" new year of 25 March. A 12th skipped Julian leap day in 1800 changed its start to 6 April. It was not changed when a 13th Julian leap day was skipped in 1900, so the tax year in the United Kingdom is still 6 April. Ireland also used this year until 2001 when it was changed to match the calendar year (the 2001 tax year was nine months, from April to December). Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        An income tax is a tax levied on the financial income... A capital gains tax (abbreviated: CGT) is a tax charged on capital gains, the profit realized on the sale of an asset that was purchased at a lower price. ... is the 96th day of the year (97th in leap years) in the Gregorian calendar. ... is the 95th day of the year (96th in leap years) in the Gregorian calendar. ... The liturgical year, also known as the Christian year, consists of the cycle of liturgical seasons in some Christian churches which determines when Feasts, Memorials, Commemorations, and Solemnities are to be observed and which portions of Scripture are to be read. ... The New Year is an event that happens when a culture celebrates the end of one year and the beginning of the next year. ... is the 84th day of the year (85th in leap years) in the Gregorian calendar. ... In the Christian calendar, Lady Day is the Feast of the Annunciation (25 March) and the first of the four traditional Irish Quarter days and English quarter days. ... The Julian calendar was a reform of the Roman calendar which was introduced by Julius Caesar in 46 BC and came into force in 45 BC (709 ab urbe condita). ... For the calendar of religious holidays and periods, see liturgical year. ... 1752 was a leap year starting on Saturday (see link for calendar). ... The Calendar (New Style) Act 1750 (also known as Chesterfields Act after Philip Stanhope, 4th Earl of Chesterfield) is an Act of the Parliament of Great Britain (statute chapter book number ), the long title of which is It reformed the calendar of England and British Dominions so that a... is the 95th day of the year (96th in leap years) in the Gregorian calendar. ... Old Style can refer to: Old Style and New Style dates, a shift from the Julian to the Gregorian calendar: in Britain in 1752, in Russia in 1918. ... is the 84th day of the year (85th in leap years) in the Gregorian calendar. ... is the 96th day of the year (97th in leap years) in the Gregorian calendar. ... is the 96th day of the year (97th in leap years) in the Gregorian calendar. ...


Companies that are units within a "group" of businesses must all use nearly the same fiscal year (differences of up to three months are permitted in most jurisdictions, such as the U.S. and Japan), with consolidating entries to adjust for transactions between units with different fiscal years, so the same resources will not be counted more than once or not at all.


References

  • StreetAuthority.com's Financial Glossary
  1. ^ Harvard fiscal year-end is June
  2. ^ University of Oxford fiscal year-end is July

  Results from FactBites:
 
FOIA Post (2004): Summary of Annual FOIA Reports for Fiscal Year 2003 (2952 words)
The federal departments reporting the fewest requests received during Fiscal Year 2003 were the Department of Education, with 1856 requests, and the Department of Commerce, with 1975 requests.
The department with the smallest number of FOIA employees (expressed in aggregate work-years) was the Department of Education, with 6.9, followed by the Department of Commerce, with 17.8, and the Department of Housing and Urban Development, with 41.
In Fiscal Year 2003, the total cost of all FOIA-related activities for all federal departments and agencies, as reported in their annual FOIA reports, was $323,050,337.33.
Avnet 4Q, fiscal year profit up - Boston.com (416 words)
Fiscal year 2006 profit rose to $204.5 million, or $1.39 cents per share, from $168.2 million, or $1.39 per share, in fiscal year 2005.
The fourth quarter and fiscal year results include charges totaling $26.8 million related to restructuring, the adoption of new accounting standards, the sale of three business units and costs associated with the early repurchase of company debt.
Analysts forecast revenue of $3.74 billion for the fourth quarter and $14.38 billion for the fiscal year.
  More results at FactBites »

 
 

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