Fiscal Year
A fiscal year (or financial year, or sometimes budget year) is a period used for calculating annual ("yearly") financial statements in businesses and other organizations. In many jurisdictions, regulatory laws regarding accounting and taxation require such reports once per twelve months, but do not require that the period reported on constitutes a calendar year (that is, 1 January to 31 December). Fiscal years vary between businesses and countries. The "fiscal year" may also refer to the year used for income tax reporting.
Read more about Fiscal Year.
Famous quotes containing the word year:
“Year after year beheld the silent toil
That spread his lustrous coil;
Still as the spiral grew,
He left the past year’s dwelling for the new,
Stole with soft step its shining archway through,
Built up its idle door,
Stretched in his last-found home, and knew the old no more.”
—Oliver Wendell Holmes, Sr. (1809–1894)