Fiscal Year - FY

AAA

DEFINITION of 'Fiscal Year - FY'

A period that a company or government uses for accounting purposes and preparing financial statements. The fiscal year may or may not be the same as a calendar year. For tax purposes, companies can choose to be calendar-year taxpayers or fiscal-year taxpayers. The default IRS system is based on the calendar year, so fiscal-year taxpayers have to make some adjustments to the deadlines for filing certain forms and making certain payments. In many instances, even fiscal year taxpayers must adhere to the calendar-year deadlines.

INVESTOPEDIA EXPLAINS 'Fiscal Year - FY'

The federal government's fiscal year begins on October 1 and ends on September 30. The fiscal year is denoted by the year in which it ends, so spending incurred on November 14, 2010, would belong to fiscal year 2011. Fiscal years are commonly referred to when discussing budgets and are often a convenient period to use when comparing a government's or company's financial performance over time.

RELATED TERMS
  1. Times Revenue Method

    A valuation method used to determine the maximum value of a company. ...
  2. SEC Form 18-12G

    A filing with the Securities and Exchange Commission (SEC), also ...
  3. SEC Form N-17f-2

    A filing with the Securities and Exchange Commission (SEC) that ...
  4. Balance Sheet

    A financial statement that summarizes a company's assets, liabilities ...
  5. Annual Report

    1. An annual publication that public corporations must provide ...
  6. Income Statement

    A financial statement that measures a company's financial performance ...
Related Articles
  1. Are barter transactions taxable?
    Taxes

    Are barter transactions taxable?

  2. New Year Planning For Business Owners
    Entrepreneurship

    New Year Planning For Business Owners

  3. Top Tax Deductions For Brokers
    Brokers

    Top Tax Deductions For Brokers

  4. Why do companies postpone earnings announcements?
    Investing

    Why do companies postpone earnings announcements?

comments powered by Disqus
Hot Definitions
  1. Correlation

    In the world of finance, a statistical measure of how two securities move in relation to each other. Correlations are used ...
  2. Letter Of Credit

    A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. ...
  3. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  4. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  5. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  6. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
Trading Center