Definition

Noun: A period of 12 consecutive months used by a government, business, or other organization for accounting, budgeting, and financial reporting purposes. It serves as the basis for preparing annual financial statements and does not necessarily coincide with the calendar year (January 1 to December 31).

Usage

The term "fiscal year" is used to specify the timeframe for financial planning, tax assessment, and performance evaluation. It is often abbreviated as FY. * The company's fiscal year ends on June 30, so their annual report covers July through June. * The government's budget is planned for the upcoming fiscal year. * Please submit the department's expenses for the current fiscal year.

Advanced Usage

• Fiscal year-end: Refers to the last day of a fiscal year.
  • All accounts must be reconciled by the fiscal year-end.
• Fiscal year 2024 (FY24): A common way to label a specific fiscal year, especially when it differs from the calendar year.
  • The project is funded through FY24.

Variants and Related Words

• Financial year: A synonym commonly used, especially in British English.
• Tax year: A period used for calculating annual income tax. For many entities, this is the same as their fiscal year.
• Accounting period: A more general term for any period covered by financial statements, which could be a month, quarter, or year.

Synonyms

• Financial year
• Budget year
• Accounting year

Related Phrases

• Fiscal period: Can refer to a subdivision of a fiscal year, such as a quarter or month.
  • Revenue increased by 5% in the last fiscal period.
• Fiscal calendar: The schedule that defines the fiscal year and its periods.
  • The new fiscal calendar begins each April.

Noun

1. any accounting period of 12 months