Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

What is the difference in calendar year and fiscal year?

user-image
Question added by Altaf Bhoon ACA , Assistant Finance Manager , Atlantic Maritime Group FZE
Date Posted: 2017/10/07
Bineesh Bhasurangan
by Bineesh Bhasurangan , SR. ACCOUNTANT , A & A ASSOCIATE LLC

Calendar  year is the year shown in calendar ie Jan to Dec. Fiscal year is the financial year.

 

mahammed ALTHAF
by mahammed ALTHAF , Chief Accountant , Child development center for special needs

The only difference between the two is that individuals in the U.S. commonly use the term "fiscal year" when referring to a business accounting period. According to the Internal Revenue Service, IRS, a calendar year is a period of 12 months, which begin on January 1 and end on December 31.

Imesha Wickramasinghe
by Imesha Wickramasinghe , Overseas Accountant , Elcome International Ltd

1. Calendar year from January to December. Financial year April to March

Joyce Anne Villaflor
by Joyce Anne Villaflor , L1 Analyst , PricewaterhouseCoopers SDC Manila Rockwell Business Center

A calendar year follows the January - December timeline (just like in the calendar) while the fiscal year is based on a 12 month period (e.g. July-June).

More Questions Like This