The financial year,
often abbeviated FY, is an accounting period of twelve consecutive months that can start on any day of the calendar year, at the end of which a firm determines its financial condition. An evaluation of the financial condition includes computation of profit or loss and the preparation of financial reports for filing.
. The financial year may also be known as the fiscal year, accounting year, or annual accounting period.
The financial year is an alternative to the calendar year, since many companies do not use a calendar year for their accounting period.
In nomenclature, if a fiscal year covers more than one calendar year it is designated by the calendar year in which it ends; for example, the U.S. government's fiscal year from October 1, 2008 to September 30, 2009 is called "FY 09."