financial year


Also found in: Dictionary, Thesaurus, Medical, Legal, Acronyms, Encyclopedia, Wikipedia.

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.

financial year

the period from 1 April to 31 March of the following year used for CORPORATION TAX purposes. Compare FISCAL YEAR.
Mentioned in ?
References in periodicals archive ?
The government will also collect Rs51.5 billion in royalty on natural gas from gas consumers in the next financial year against Rs51.2 billion in the current financial year, according to revised budget estimates.
What are the reasons behind shifting financial year to January-December?
He explained that the Sh14 billion the CEO quoted in the meeting was not in reference to 2017-18 financial year but for a period spanning two financial years.
This was an improvement over net loss after tax of SEK118,013,000, or loss per share of SEK1.39, in the prior financial year.
Officials from the tax regulator shared they may able to collect Rs3.8 trillion by end of this financial year, which ends this month.
EBITDA for the financial year 2017-18 stood at Rs 1,344 Cr and grew by 6% over the previous financial year on the back of input cost led contraction in gross margins by 0.6%.
The total receipts of Province for financial year 2017-18 are estimated at PKR 1.02 trillion against an estimated expenditure of PKR 1.04 trillion.
95,780 crore during the corresponding period in the previous Financial Year, thereby registering a growth of 22.1%.
This was followed by the approval of a remuneration of $1 million to the members of the board of directors and the reappointment of Messrs Ernst and Young as auditors for the financial year ending 31/12/2014 and to authorise the board of directors to fix their remuneration subject to the approval of the Central Bank of Bahrain.
MUSCAT: The annual general meeting (AGM) of BankMuscat for the financial year ending December 31, 2010 will be held today at the bank's headquarters at 4.30 pm.
British Airways World Cargo has reported its results for the full financial year 2009, ended 31 March 2009.
Virgin Australia Holdings Limited (Virgin Australia Group or "the Group") (ASX: VAH) today reported an Underlying Loss Before Tax of $49.0 million for the 2015 financial year, including the impact of 100 percent consolidated Tiger Airways Australia Pty Limited (Tigerair Australia) performance from 17 October 2014.

Full browser ?