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A fiscal year (also known as a financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations.
The fiscal year is a year long time period used to figure out an organization's budget. It is not always the same as the calendar year. It is also a North American term for financial year
Jul 21, 2024 · fiscal year (FY), in finance and government, an annual accounting period for which an institution’s financial statements are prepared. Different countries and companies use different fiscal years (often referred to in financial records with the acronym FY), and the fiscal year need not align with the calendar year.
Feb 14, 2024 · A fiscal year is the 12 months that a company designates as a year for financial and tax reporting purposes. This year can differ from the traditional calendar year, and it varies for each ...
Sep 13, 2022 · A fiscal year is a 12-month financial budget and reporting period. It's used differently by the government and businesses, and does need to correspond to a calendar year.
- Kimberly Amadeo
5 days ago · A fiscal year (FY) is a 52- or 53-week period that a company or government uses for budgeting and accounting purposes and as a schedule for its financial statements.
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The fiscal year refers to the year in which it ends. However, Congress is the body required by law to pass appropriations annually and to submit funding bills passed by both houses to the President for signature. Congressional decisions are governed by rules and legislation regarding the federal budget process.
