fiscal year

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Related to fiscal years: Fiscal Periods, Fiscal Quarters

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 ?
Lawmakers in the Union Parliament on Monday discussed national planning priorities over the six-month transitional period as Burma moves to an October to September fiscal year in 2018.
New vehicle registrations for the first half of the current fiscal year experienced a year-on-year decrease for the second consecutive year (since the fiscal year ended March 31, 2016).
Sales of mini-vehicles for the first half of the current fiscal year experienced a year-on-year decrease for the second consecutive year (since the fiscal year ended March 31, 2015),.
The state budget deficit for fiscal years 2013-2014 is estimated to top BD1.747.638 billion -- on the basis of BD833.2 million for 2013 and the remaining BD914.438 million for 2014.
Choosing a Fiscal Year When the Corporation Elects S Status
Secretary Nicholson: Our fiscal year 2005 budget turned out to be about $1 billion short.
For most companies, these costs would double if the reports had to be prepared based on the fiscal year of the payee.
2003-56 apprises certain entities with fiscal years beginning in 2002 and ending after May 5, 2003, of the additional reporting requirements mandated by the Jobs and Growth Tax Relief Reconciliation Act of 2003's (JGTRRA's) changes in the capital gain tax rates.
* Not less than $695,000,000 for Egypt, which sum cash transfer shall be provided with the understanding that Egypt will undertake significant economic reforms which are additional to those which were undertaken in previous fiscal years.
Israeloff told the committee that HR 1661 would maintain the government's cash flow while "providing a way for CPAs to credibly recommend to their partnership and S corporation clients that they adopt a fiscal years." Israeloff said entities that elected a fiscal year would be required to pay quarterly estimated taxes to the Internal Revenue Service on behalf of their owners.
Production in regions outside of Japan for the first half of the current fiscal year experienced a year-on-year increase for the third consecutive year (since the fiscal year ended March 31, 2013), setting record high production for the first half of any fiscal years.