Glossary

Fiscal year

When calculating financial statements in business, most regulations require accounting and taxation reports every 12 months, which is known as a fiscal year. The period reported on is not required to coincide with the calendar year, with a company sometimes choosing to close the accounts at a time of their convenience. Fiscal years vary between businesses and countries. The fiscal year may also refer to the year used for income tax reporting. It is always referred to by the end of the period.