Fiscal year 31 December. The 2001 tax year was nine months, from April to December. In Israel, the fiscal year is the calendar year, 1 January to 31 December. In Italy, the fiscal year is the calendar year, 1 January to 31 December. It was changed in 1965, before which it was 1 July to 30 June. In Japan, the government's financial year is from 1 April to 31 March. The fiscal year is represented by the calendar year in which the period begins, followed by the word "nendo" (年度); for example the fiscal year from 1 April to 31 March is
Fiscal transparency which focuses on 8 key reports centred around the budget. The term budget transparency is generally not used to refer to as wide a concept as fiscal transparency. Fiscal openness refers to fiscal transparency together with direct public participation in fiscal policy formulation and implementation. Following the global financial crisis international fiscal transparency initiatives have increasingly incorporated public participation as a key element in order to promote improved policy formulation and implementation, and to strengthen accountability for fiscal management (see below). The 1997 East Asian financial crisis first prompted the international community to set out a comprehensive codification of what