financial year

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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.
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References in periodicals archive ?
Heidelberg currently expects that sales in financial year 2014/2015 will match those in the previous financial year.
The meeting also appointed auditors for the next financial year ended December 2011 and approved their fees.
1, 094 crore in Financial Year 2010-11 as against Rs1, 462 crore in Financial Year 2009-10).
Dame Gillian Morgan was one of four of the 30 most senior civil servants at the Welsh Assembly Government who didn't receive a bonus for the financial year to the end of March this year.
Normalised earnings before tax for the year totalled NZD145m, down 26% compared to the financial year ended 30 June 2008.
Expenses for the financial year increased to $9,895,377 from $7,927,697 in the 2006 financial year, which represents a 25% increase.
Reviewing NTT's results for the 2003 financial year, it is difficult to find fault.
The figure for the previous financial year was pounds 470,897.
The government said a deficit in the initial months of a financial year is ''not unusual'' as many major types of revenue including taxes are mostly received toward the end of a financial year.
on Thursday announced a turnover of S$437 million (US$239 million) for the company's nine-month financial year that ended Dec.
Positive development in operational business continues in second quarter of financial year 2010/11
ISLAMABAD -- Imports of edible oil in the country including soyabean and palm oil registered decrease during the financial year 2014-15 as compared to corresponding period of last year.

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