section_path: Pragmatic divisions/Fiscal year
section_name: Fiscal year
paragraph_text: Fiscal year
  
  A fiscal year or financial year is a 12-month period used for calculating annual financial statements in businesses and other organizations. In many jurisdictions, regulations regarding accounting require such reports once per twelve months, but do not require that the twelve months constitute a calendar year.
  
  For example, in Canada and India the fiscal year runs from April 1; in the United Kingdom it runs from April 1 for purposes of corporation tax and government financial statements, but from April 6 for purposes of personal taxation and payment of state benefits; in Australia it runs from July 1; while in the United States the fiscal year of the federal government runs from October 1.