In politics, an accounting period of 1 year. Also used with most large businesses and industries.
Any twelve month period for which annual accounts are kept. Sometimes, but by no means necessarily, the same as a calendar year. The Federal government’s fiscal year has been from July 1 to the following June 30 for years, but will change in 1976 to be from October 1 to the following September 30.
An accounting period which covers exactly one year, at the end of which books are closed, and the year’s financial situation summarized. The fiscal year may or may not be the calendar year.