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It is so simple, the financial Year is365 days all the people Know that!!
the problem usually when it starts (or ends)??
it is according to operation of the company , it shod be on the least financial needs of the company
i belive this is not clear enough so we hacve to give samples
the toy industry (toys R US) sell all its inventory in the period before christmas, and that is why the end of the financial statment is31 March
for cultivation companies in egypt, the season start on october that is why the end of finacial statment is30 september.
for the commercial banks there is no cycle (the finance is relativly stable so they chose end of the year 31 december to be the end of financial statment or can use30 June ) or can use30 June
best regards
In accounting Financial Year means a calender year as set forth by the Law being in force in any country and for the time being in force.
Financial year is a main source of Time Unit for comparing the performance of and organization with its own or other organizations.
In India, the government's financial year runs from1 April to31 March midnight. Example:1 April2014 to31 March2015 for the financial year2014–2015.
Companies following the Indian Depositary Receipt (IDR) are given freedom to choose their financial year. For example, Standard Chartered's IDR follows the UK calendar despite being listed in India.
