Definition of Financial year:
Accounting period that can start on any day of a calendar year but has twelve consecutive months (52 consecutive weeks) at the end of which account books are closed, profit or loss is computed, and financial reports are prepared for filing. It may or may not match a calendar year. Called fiscal year in the US.
A year as reckoned for taxing or accounting purposes; fiscal year.
Synonyms of Financial year
Twelve-month period, Twelve-month session
How to use Financial year in a sentence?
- If the companys accounting period straddles two financial years, the profit is apportioned and charged at the appropriate rates.
Meaning of Financial year & Financial year Definition