Fiscal year is known as the financial year or the accounting reference date. This year is a period of 12 months during which yearly financial reports of various organizations and businesses are calculated on annual basis. In various jurisdictions there are regulatory laws in regards to the accounting, these reports are required to be published once in a period of twelve months. This period does not have to refer to the twelve months in a calendar year i.e. January to December. An upcoming business organization or any other small company can decide from which month its fiscal year will begin. In some countries like the United States of America the business tax of the company starts at the same time as the company's fiscal year.
