By Leanna Kelly Ask someone to define a year and they’ll probably say January 1 to December 31. That’s correct of course—but it’s not the only correct definition. January to December represents a calendar year: the 12-month span we use for most aspects of our lives. Ask a company accountant or a Chief Financial Officer and you might get a different 12-month answer—something like July to June. This is the fiscal year for that company.
There’s a big difference between calendar year and fiscal year in the business world. It’s important to delineate which one the company adheres to when it comes to reporting …read more
