Financial Year https://store.theartofservice.com/the-financial-year-toolkit.html.

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Presentation transcript:

Financial Year

Financial year 1 A 'fiscal year' (or 'financial year', or sometimes 'budget year') is a period used for calculating annual (yearly) financial statements in businesses and other organizations

Financial year - Australia 1 A company may, for example, opt for a financial year that always ends at the end of a week (and therefore is not exactly one calendar year in length), or opt for each financial year to end on a different date to match the reporting cycles of its foreign parent.

Financial year - Canada 1 In Canada, the government's financial year runs from 1 April to 31 March (Example 1 April to 31 March for the current financial year).

Financial year - Hong Kong 1 In Hong Kong,[ ns/the-world-factbook/geos/hk.html CIA – The World Factbook – Hong Kong] the government's financial year runs from 1 April to 31 March (Example 1 April to 31 March for the current financial year).

Financial year - India 1 In India, the government's financial year runs from 1 April to 31 March midnight. Example: 1 April to 31 March for the financial year –. It is also abbreviated as FY.[ /the-world-factbook/geos/in.html CIA – The World Factbook – India]

Financial year - India 1 Companies following the Indian Depositary Receipt (IDR) are given freedom to choose their financial year. For example, Standard Chartered's IDR follows the UK calendar despite being listed in India.

Financial year - Japan 1 In Japan,[ ons/the-world-factbook/geos/ja.html CIA – The World Factbook – Japan] the government's financial year runs from 1 April to 31 March. The fiscal year is represented by the calendar year in which the period begins, followed by the word nendo ( 年度 ); for example the fiscal year from 1 April to 31 March is called –nendo.

Financial year - South Africa 1 Companies are permitted to have a tax year ending on a date that coincides with their financial year

Financial year - United Kingdom 1 In the United Kingdom,[ he-world-factbook/geos/uk.html CIA – The World Factbook – United Kingdom] the financial year runs from 1 April to 31 March for the purposes of corporation tax[ started/intro.htm#8 HM Revenue and Customs Introduction to Corporation Tax] and government financial statements.[ treasury.gov.uk/d/dao0708.pdf HM Treasury Accounts Direction 2008–09] For the self- employed and others who pay personal tax the fiscal year starts on 6 April and ends on 5 April of the next calendar year.

Financial year - United Kingdom 1 Although United Kingdom corporation tax is charged by reference to the government's financial year, companies can adopt any year as their accounting year: if there is a change in tax rate, the taxable profit is apportioned to financial years on a time basis.

Financial year - United Kingdom 1 A number of major corporations that were once government owned, such as BT Group and the National Grid (UK)|National Grid, continue to use the government's financial year, which ends on the last day of March, as they have found no reason to change since privatisation.

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