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The life of the law has not been logic; it has been experience.
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Legal Definitions - fiscal year
If the law is on your side, pound the law. If the facts are on your side, pound the facts. If neither the law nor the facts are on your side, pound the table.
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Definition of fiscal year
A fiscal year is a period of 12 consecutive months used for accounting and financial purposes. It is often different from the calendar year, especially for tax purposes.
- The company's fiscal year is from October 1 to September 30.
- The government's tax year can be either the calendar year or a fiscal year of 12 months ending on the last day of a month other than December.
These examples illustrate how a fiscal year can be different from the calendar year and how it is used for financial and tax purposes.
Justice is truth in action.
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Simple Definition
A fiscal year is a period of 12 consecutive months used for accounting purposes. It may or may not coincide with the calendar year, which is the 12-month period from January 1 to December 31. The fiscal year is often used for tax purposes and can end on any day of the year, unlike the calendar year which always ends on December 31.
The law is a jealous mistress, and requires a long and constant courtship.
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