A financial year is a 12-month period used by a government for accounting purposes. It starts on October 1 and ends on September 30 of the following year. Its definition is determined by the Congressional Budget Act of 1974, and is used by the federal government for its budget. However, other countries use different dates.
In the United States, the fiscal year runs from October 1 to September 30 of the following year. In previous years, it ended on June 30. However, this date was changed by the Congressional Budget and Impoundment Control Act of 1982. Although the first fiscal year began on January 1st, 1789, it was actually Jul 1st in 1842. The year that follows is now Oct 30 of the following year.
A fiscal year is a 12-month period used by businesses and the government for accounting and financial reporting. While it does not necessarily correspond to the calendar year, it is used for tax filings and external audits. For example, a business’s revenue for July 30 will be categorized as revenue earned in fiscal year 2010.