The most common fiscal year that companies cover in financial statements are 1st April to 31 st March, a span of one year.
Companies and governments utilize fiscal years, which are one-year periods, for accounting information and planning. The most typical accounting cycle utilized to create financial statements is a fiscal year. Not that all fiscal years match with the calendar year, irrespective of the fact that they may commence on January 1 and end on December 31. For example, universities typically begin and conclude their fiscal years in line with the academic year.
A fiscal year is a time period that lasts for an entire calendar year although it does not always commence on January 1. Based on their accounting and outside auditing procedures, governments, companies, as well as other organizations may begin and conclude their fiscal years in distinct manners.
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