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Fiscal year vs calendar year
Fiscal year calendar.
Fiscal Year: What It Is and Advantages Over Calendar Year
What Is a Fiscal Year?
A fiscal year (FY) is a 52- or 53-week (or, alternatively, a 12-month) period that companies and governments use for taxing or accounting purposes.
Fiscal years are most commonly used by entities that depend on a cycle that doesn't correspond to the calendar year.
While a fiscal year can start on Jan. 1—at the beginning of the calendar year—and end on Dec. 31—at the end of the calendar year—a fiscal year doesn't always correspond to the calendar year.
Countries, companies, and organizations can start and end their fiscal years differently, depending on their financial planning and budgeting practices.
Key Takeaways
- A fiscal year is a 52- or 53-week—or, alternatively, a 12-month—period chosen by a company or government to coincide with planning, budgeting, or revenue cycles.
- A fiscal year is used for accounting purposes and for preparing annual financial statements.
- While a fiscal year can run from Jan.
1 through Dec. 30, it is often different from the calendar year.
- Financial
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