Financial year

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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.[1]. The financial year may also be known as the fiscal year, accounting year, or annual accounting period.[2] The financial year is an alternative to the calendar year, since many companies do not use a calendar year for their accounting period.[3] 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."[4]

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