Financial year in the context of "Balance sheet"

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⭐ Core Definition: Financial year

A fiscal year (also known as a financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis but generally with the reporting period not aligning with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxes, such as income tax. Many annual government fees—such as council tax and license fees—are also levied on a fiscal year basis, but others are charged on an anniversary basis.

Some companies, such as Cisco Systems, end their fiscal year on the same day of the week each year: the day that is closest to a particular date (for example, the Friday closest to 31 December). Under such a system, some fiscal years have 52 weeks and others 53 weeks.

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👉 Financial year in the context of Balance sheet

In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, a private limited company or other organization such as a government or not-for-profit entity. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a "snapshot of a company's financial condition". It is the summary of each and every financial statement of an organization.

Of the four basic financial statements, the balance sheet is the only statement that applies to a single point in time of a business's calendar year.

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Financial year in the context of Government budget deficits

The government budget balance, also referred to as the general government balance, public budget balance, or public fiscal balance, is the difference between government revenues and spending. For a government that uses accrual accounting (rather than cash accounting) the budget balance is calculated using only spending on current operations, with expenditure on new capital assets excluded. A positive balance is called a government budget surplus, and a negative balance is a government budget deficit. A government budget presents the government's proposed revenues and spending for a financial year.

The government budget balance can be broken down into the primary balance and interest payments on accumulated government debt; the two together give the budget balance. Furthermore, the budget balance can be broken down into the structural balance (also known as cyclically-adjusted balance) and the cyclical component: the structural budget balance attempts to adjust for the impact of cyclical changes in real GDP, in order to indicate the longer-run budgetary situation.

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Financial year in the context of New Urban Communities Authority

The New Urban Communities Authority (Arabic: هيئة المجتمعات العمرانية الجديدة) is an Egyptian state owned enterprise (SOE) established in 1979 and affiliated to the Ministry of Housing. It is the exclusive satellite city developer in Egypt, in addition to being Egypt's largest real estate developer and constructor of residential units. These activities resulted in revenue of LE 57bn in FY 2019/2020, making it the third largest SOE after petroleum and the Suez Canal.

NUCA was originally tasked with addressing housing issues in Egypt by developing new urban communities to redistribute the population of existing cities away from Egypt's Nile valley and delta, and into the desert in order to save agricultural land from being urbanized. But after four decades of working under a strict policy of desert development, NUCA's mandate was modified in 2018 allowing it to develop land and real estate projects on agricultural land and within existing cities.

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Financial year in the context of Government of Western Australia

The Government of Western Australia, also known as the WA Government, is the executive branch of government for the Australian state of Western Australia. It comprises the State Cabinet, Executive Council and the public sector. The WA Government includes approximately 130 agencies and authorities delivering frontline and support services, employs approximately 240,000 people and had an expected operating expenditure of A$43.59 billion in the 2024–25 financial year.

The state's founding constitution was enacted in 1890, with the state being a democratic constitutional monarchy. Since federation in 1901, Western Australia has been a constituent state of the Commonwealth of Australia, and the Commonwealth Constitution regulates its relationship with the Australian Government. The legislative branch takes the form of the bicameral Parliament of Western Australia, comprising the Legislative Assembly (lower house), Legislative Council (upper house), and the monarch of Australia represented through the Governor. The judicial branch comprises the Supreme Court of Western Australia and the lower courts.

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