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A fiscal year is an accounting period. The accounting period can either be the calendar year from January to December or another 12-consecutive-month period selected by a company. Fiscal years are important because they are the period by which companies generate a variety of financial data and determine taxes, profits and expenses.
Every business has a fiscal year. A company's Fiscal Year is its financial year; it is any twelve-month period that the company uses for accounting purposes. The fiscal year is expressed by stating the year-end date. A fiscal year end can be the end of any quarter â March 31, June 30, September 30, or December 31.