The one-year period ending at an organization’s typical low point of activity. For example, a school’s natural business year is July 1 through June 30.
It is practical to have the accounting and financial reporting year match the natural business year. An accounting and financial reporting year ending on a date other than December 31 is referred to as a fiscal year.
Join PRO or PRO Plus and Get Lifetime Access to Our Premium Materials
Read all 2,651 reviews