accounting period vs fiscal year

Both 'accounting period' and 'fiscal year' are correct phrases, but they are used in different contexts. 'Accounting period' refers to the time frame for which financial statements are prepared, which can vary depending on the company. 'Fiscal year' specifically refers to a 12-month period that a company or government uses for accounting and budgeting purposes.

Last updated: March 24, 2024 • 765 views

This phrase is correct and commonly used in accounting and finance to refer to the time frame for which financial statements are prepared.

"accounting period"

The term 'accounting period' is used to indicate the specific time frame for which financial statements, such as income statements and balance sheets, are prepared. It can vary depending on the company's reporting requirements.

Show examples from the web [+]

actual premiums earned during the current accounting period;
However, these stocks are recorded as mean values over the accounting period.
In as much as the sale and purchase occurred during the same accounting period.
The reference year to be considered is that of the last approved accounting period.
projections for emissions and removals for the accounting period;
No later than one year before the end of each accounting period, Member States shall communicate to the Commission revised reference levels.
The amount of that tax deduction may differ from the related cumulative remuneration expense, and may arise in a later accounting period.
According to the ESA 95 (3.14), output covers all products manufactured during the accounting period.
However, goods or services produced and consumed during the same accounting period by the same local KAU are not recorded separately.
Stock changes are estimated by valuing the stocks at the end and start of the accounting period on the basis of their current prices.
Any methodology used shall avoid the expectation of net credits during the accounting period;
The information on LULUCF actions shall cover the duration of the relevant accounting period specified in Annex I.
Suppose, for example, a loan is made and repaid within the accounting period while the general price level is rising.
The turnover and balance-sheet total thresholds are those of the last approved 12-month accounting period.
The difference between assets and liabilities is the net worth at the end of the accounting period.
They are valued at prices current at the start of the accounting period.
The interest accruing in each accounting period must be recorded whether or not it is actually paid or added to the principal outstanding.
Non-life insurance claims are the amounts payable in settlement of claims that become due during the current accounting period.
The percentage of completion method is applied on a cumulative basis in each accounting period to the current estimates of contract revenue and contract costs.
Year ended 31.12.2004 | Initial accounting period ended 31.12.2003 |

Alternatives:

reporting period
financial period
fiscal period
accounting cycle
financial year

This phrase is correct and commonly used to refer to a 12-month period that a company or government uses for accounting and budgeting purposes.

"fiscal year"

'Fiscal year' specifically refers to a 12-month period that a company or government uses for accounting and budgeting purposes. It is often different from the calendar year.

Show examples from the web [+]

A fiscal year (FY) is a one-year period of time that a company or government uses for accounting purposes and preparation of its financial statements.
A fiscal year is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by ...
Dec 1, 2021 ... Cost Reports by Fiscal Year. Downloads which include all fiscal years for the Renal Facility, Community Mental Health Clinic, RHC/FQHC and ...
May 21, 2021 ... Fiscal Year Filers. File on: The fourth month after your fiscal year ends, day 15*. * If your due date falls on a Saturday, Sunday ...
To authorize appropriations for fiscal year 2019 for military activities of the ... the ''National Defense Authorization Act for Fiscal Year 2019'' shall.

Alternatives:

financial year
budget year
tax year
fiscal period
accounting year

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accounting period vs fiscal year