Fiscal Year Definition
The fiscal year is the accounting period used by the government and businesses for financial reporting. The fiscal year generally runs from January 1 to December 31, but some businesses operate on a different fiscal year. For example, a business may have a fiscal year that runs from April 1 to March 31.
The government uses the fiscal year for budgeting and reporting purposes. The federal government’s fiscal year begins on October 1 and ends on September 30. State and local governments also use the fiscal year for budgeting and reporting purposes.
