A Financial Year also called a Fiscal Year is a twelve month accounting period that a government or a business uses for financial and tax reporting purposes. A Financial Year may not be the calendar year, it’s different for different countries and businesses.
Financial Year in different countries
- The Financial Year for Government of India starts on 1st April one year and ends on 31st March the following year.
- The Financial Year for United Kingdom starts on 6th April one year and ends on 5th April the following year.
- The Financial Year for Government of Ghana and Federal Government of Nigeria is the calendar year. A period that is set from January 1 to December 31 is called a calendar year.
- In the United States, the federal government’s fiscal year is the 12-month period beginning 1 October and ending 30 September the following year.
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