Fiscal Year vs Calendar Year | Top Differences You Must Know!

In this video, on Fiscal Year vs Calendar Year we are going to learn definition, importance along with most commonly used fiscal year.

𝐖𝐡𝐚𝐭 𝐢𝐬 𝐅𝐢𝐬𝐜𝐚𝐥 𝐘𝐞𝐚𝐫?
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It is 12-month period used in businesses and other organizations to compute and prepare annual ("yearly") financial statements.

𝐖𝐡𝐚𝐭 𝐢𝐬 𝐂𝐚𝐥𝐞𝐧𝐝𝐚𝐫 𝐘𝐞𝐚𝐫?
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The calendar year begins on the New Year's Day of the calendar system and ends on day before the next New Year's Day and thus comprises a number of days.

𝐈𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐜𝐞 𝐨𝐟 𝐅𝐢𝐬𝐜𝐚𝐥 𝐘𝐞𝐚𝐫
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#1 - Fiscal Year describes the period for preparation of financial statements.

#2 - Fiscal Year helps to track key financial statistics and makes it possible for the organization to know where they are at the end of every year.

𝐌𝐨𝐬𝐭 𝐂𝐨𝐦𝐦𝐨𝐧𝐥𝐲 𝐮𝐬𝐞𝐝 𝐅𝐢𝐬𝐜𝐚𝐥 𝐘𝐞𝐚𝐫𝐬
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#1 - 1st January to 31st December
#2 - 1st April to 31st March
#3 - 1st July to 30th June
#4 - 1st October to 30th September

To know more about 𝐅𝐢𝐬𝐜𝐚𝐥 𝐘𝐞𝐚𝐫 𝐯𝐬 𝐂𝐚𝐥𝐞𝐧𝐝𝐚𝐫 𝐘𝐞𝐚𝐫, you can go to this 𝐥𝐢𝐧𝐤 𝐡𝐞𝐫𝐞:-

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