Fiscal Year

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Fiscal Year

 

a period of time used as a reference in accounting and in planning for enterprises and associations or for the national economy as a whole. Its duration is 12 months, but the date on which it begins may vary.

In capitalist countries the fiscal year for industry coincides with the calendar year, but for agriculture the fiscal year is determined by the period of the agricultural year. In the USSR the fiscal year, as a rule, ran from October to September 30 during the period from September 1921 to September 1930. A decree of the Central Executive Committee of the USSR of Sept. 20, 1930, established the fiscal year for periods from January 1 to December 31. For animal husbandry in the USSR the fiscal year, beginning in 1953, ran from October 1 to September 30, but in 1957 the beginning of the fiscal year was again transferred to January 1 of the corresponding year.

References in periodicals archive ?
During the 1992-1993 and 1993-1994 budget years in which the state faced massive debt, property taxes collected by local governments were used in an effort to meet the funding requirements for schools.
We will not be in as good a position as we were in previous budget years.
Through this program, educators now have increased control in managing their funds through the ability to maximize the purchasing power of their budgeted dollars, as well as structuring financial schedules that level payments across the budget years.