Fiscal year
Accounting glossary · Understand, connect, apply
A fiscal year is an entity’s annual accounting or reporting period. It may end on 31 December or on another permitted date and may use a 52/53-week structure.
Example
A retailer with a 30 June year-end reports a fiscal year that differs from the calendar year.
Remember the difference
State the year-end when comparing reports. Tax-year rules may impose separate requirements.
Examples are simplified for learning. Where a term depends on US law, IFRS, US GAAP or a historical rule, check the context explained above and the requirements relevant to your course.
Study references: OpenStax financial accounting and managerial accounting. For reporting requirements, consult the applicable IFRS Standards or FASB guidance. US tax terms should be checked against the relevant tax-year IRS instructions.
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