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What is a financial year?

Updated: 8/16/2019
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14y ago

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A financial year is a period in a business's existence that is as long as a calendar year, but ends on a date of the business's choosing. Typically the "year-end" date is the last business day of a month, but it does not have to be December 31st. At the year-end, financial data are collected and an annual report is constructed for the financial year that just concluded. This report includes all key financial statements and other pertinent information for stakeholders in the company, including tax agencies.

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14y ago
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