fiscal year

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Fiscal year (FY)

Accounting period covering 12 consecutive months over which a company determines earnings and profits. The fiscal year serves as a period of reference for the company and does not necessarily correspond to the calendar year.

Fiscal Year

1. A calendar businesses use to calculate revenue and expenses. Most businesses also use their fiscal year as the period their annual budgets operate. Most jurisdictions require businesses to issue financial statements each year but often do not specify when they must do so. Thus, fiscal years vary by business and jurisdiction. They tend to begin in the middle of the calendar year, particularly in retail, as the end of the calendar year is an exceptionally busy time. The U.S. Government's fiscal year starts on October 1. In nomenclature, if a fiscal year covers more than one calendar year it is designated by the calendar year in which it ends; for example, the U.S. government's fiscal year from October 1, 2008 to September 30, 2009 is called "FY 09."

2. In the United Kingdom, the tax year.

fiscal year (FY)

The 12-month accounting period for an organization. Because many firms end their accounting year on a date other than December 31, the fiscal year often differs from the calendar year.

fiscal year

the government's accounting year which, in the UK, runs from 6 April to 5 April of the following year, and in the USA from 1 July to 30 June. The fiscal year is the basic period used by the government in assessing personal INCOME TAX and any income earned during the fiscal year is assessable to taxation at the income tax rates applicable for that fiscal year. Compare FINANCIAL YEAR.

In the past the authorities have occasionally set ‘targets’ for fiscal policy, most notably ‘caps'on the size of the PUBLIC SECTOR BORROWING REQUIREMENT (PSBR). Recently, the government has accepted that fiscal stability is an important element in the fight against inflation. In 1997, the government set an inflation ‘target'of an increase in the RETAIL PRICE INDEX (RPIX) of no more than 21/2 % per annum and ceded powers to a newly-established MONETARY POLICY COMMITTEE to set official interest rates. In doing this the government explicitly recognised that a low inflation economy was essential in order to achieve another of its priorities – low UNEMPLOYMENT. To this end, fiscal ‘prudence’, specifically a current budget deficit (PSBR) within the European Union's MAASTRICHT TREATY limits of no more than 3% of GDP (and an outstanding total debt limit of 60% of GDP) was endorsed as a necessary adjunct to avoid excessive monetary creation of the kind which had fuelled previous runaway inflations. See BUDGET (GOVERNMENT) entry for further discussion. See MONETARISM, MONETARY POLICY, BUSINESS CYCLE.

fiscal year

the government's accounting year, which, in the UK, runs from 6 April to 5 April the following year. Different countries frequently have a fiscal year different from the normal calendar year. In the USA, the fiscal year runs up to 30 June. See BUDGET ( GOVERNMENT).

fiscal year

Accounting year. Many companies use accounting years ending on June 30 or September 30, rather than the calendar year ending on December 31.

Fiscal Year

An accounting year ending on the last day of any month except December, or a 52-53 week tax year, which is a year that ends on the same day of the week (for example, the last Thursday of the month or on the Thursday that is closest to the end of the month).
References in periodicals archive ?
When calculating the relations mentioned in section 1, for the year before the budget year, we assume planned values indicated in the statement on realization of the LGU budget made after three quarters of the year.
Figure 6: Area of investment for single biggest IT project in budget year 2006
The agency is still working out the details of the project, but is expected in the coming budget year to seek a vendor who would equip the system.
5 million, which means the current budget year is now projected to produce a surplus of $2 million.
For the first three months of the budget year, which began on Oct.
4 million increase in its annual pension review in the budget year that starts July 1.
Set the criteria for Budget Year to 2012 and Budget Quarter to 1.
Walking a financial tightrope, officials say they will put off rate hikes for one year and cover a projected $112 million deficit by draining reserves to just $66 million by the end of the budget year.
Overall, the Bar will begin the budget year with about $10.
California's shortfall for the budget year that begins July 1, 2002, is predicted optimistically to be between $7 billion and $10 billion, "assuming that the energy bonds float," said Goldberg.
WASHINGTON, Shawwal 18, 1436, August 03, 2015, SPA -- The Treasury Department estimates that it will end up borrowing $552 billion for the current budget year, the lowest total in eight years, according to AP.
government ran a much smaller deficit through the first two months of the budget year than the same period last year, signaling further improvement in the nation's finances.