fiscal year


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Related to fiscal year: fiscal policy

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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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.

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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).
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.

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).
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary
References in periodicals archive ?
Non-GAAP income from operations was $123.2 million for fiscal year 2019, an increase from $87.1 million for fiscal year 2018.
The automotive equipment business saw increases in both orders and sales from the same period of the previous fiscal year due primarily to increases in Japan and other markets in Asia, as well as increased sales in electric-vehicle related equipment in response to market growth worldwide.
In the 2017-18 fiscal year, the export of goods reached US$24.77 billion, a year-on-year increase of 12.6%.
Corporations have been given Rs197.7 billion against the original budget of Rs346.2 billion in the outgoing fiscal year.
Sales of mini-vehicles experienced a year-on-year increase for the third consecutive year (since Fiscal Year 2017).
In reviewing the results for the fourth quarter of fiscal year 2018 compared to the fourth quarter of fiscal year 2017:
But in a cash-based budget, payment can be done only within a 15-month period; contracts awarded at the end of the fiscal year can be paid during the three-month extended payment period.
During the outgoing fiscal year, the government obtained Rs16.63bn loans for the federal PSDP, which include Rs10.45bn from China Rs7.20bn for Chashma, Rs1bn for Pakistan Remote Sensing Satellite and Rs1.25bn for construction of optical fibre cable from China to Rawalpindi.
Total allocations for federal ministries are estimated at Rs450.3 billion as against Rs377.8 billion in the outgoing fiscal year. The federal ministries allocations are about 43.6% of the total proposed PSDP.
Meanwhile the country's overall shrimp export in the last fiscal year (ended March 2017) stood at 15,049, worth $70 million.
The Union minister told lawmakers GDP growth was forecast to hit 6.8 percent by the end of the 2017-18 fiscal year.
The fourth quarter of 2016 marked the third consecutive sequential quarterly increase in net sales, gross profit and profitability during fiscal year 2016, as a result of company initiatives as well as typical seasonality.

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