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Categories: General Tax Terms

Fiscal Year

A Fiscal Year is a one-year period that companies and organizations use for financial reporting and budgeting purposes. It may not align with the calendar year and can start and end in any month. For example, a company might have a fiscal year running from July 1 to June 30 of the following year.

The choice of a Fiscal Year is often influenced by the nature of a business’s operations or industry standards. Publicly traded companies are required to report their financial results quarterly and annually, and the fiscal year selected should provide a consistent basis for comparison across periods.

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