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TeachMeFinance.com - explain fiscal year fiscal year -- Any 12-month period used by a company or government as an accounting period. another definition... fiscal year -- A yearly accounting period. The U.S. federal government's fiscal year begins October 1 and ends September 30. Fiscal years are designated by the calendar years in which they end--for example, fiscal year 2003 will begin October 1, 2002, and end September 30, 2003. The budget year is the fiscal year for which the budget is being considered. In relation to a session of Congress, it is the fiscal year that starts on October 1 of the calendar year in which that session of Congress begins. An out-year is a fiscal year following the budget year. The current year is the fiscal year in progress. another definition... fiscal year -- any consecutive 12 months designated as the time frame for financial reporting and preparation of balance sheets, profit and loss statements, and other financial summations. historic definition... Fiscal year -- The twelve months counted as a year in financial operations. The fiscal year of the United States government and of a majority of corporations ends on June 30. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.