Fiscal Year -- A complete definition

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Fiscal Year

A fiscal year is an accounting period of 365(6) days that does not necessarily correspond to the calendar year that begins on January 1st. The fiscal year is the established period of time when an organization�s annual financial records commence and conclude.

A company�s fiscal year will always reflect the date of the calendar year in which it ends. For example: The financial operations of the federal government are carried out in a fiscal year that begins on October 1 and ends on September 30. Therefore the government�s fiscal year for 2008 would begin on October 1, 2007 and end on September 30, 2008.

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