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 ?
An analogical ban is also valid for expenditure made at the end of a budget year. These expenses cannot be higher than obtained current revenues combined with budget surplus from previous years and free resources.
The law-making organ of an LGU cannot pass the budget whose implementation will cause that in a particular budget year and in the year that follows the budget year, the relation of total amounts due in a particular budget year (3):
R--planned total amount for a budget year from payment of loan and credit installments defined in Article 89 section 1 points 2-4 and Article 90, and redemption of securities issued for purposes determined in Article 89 section 1 points 2-4 and Article 90,
O--planned interest on loans and credits in a budget year, defined in Article 89 section 1 and Article 90, interest and discounts on securities issued for purposes determined in Article 89 section 1 and Article 90 and payments of amounts due to provided guaranties and warranties,
n-1--a year before the budget year for which the relation is established,
The budget proposes less General Fund spending in the budget year than in the current year: a year-to-year reduction of $2.4 billion (2.3%).