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This most common in the retail industry. It actually stems from, more than the 52/53 week years (which mean 1 out of every 3 yrs has 53 weeks, the other 52), by having 13 reporting periods instead of months, each an even 4 weeks. Especially in the past, where computers have now made matching periods to review more easy, it made comparisons easier. All periods having the same number of days and hopefully, matching holidays etc.
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The fiscal year selected by companies which one is correct is the same as the calendar year or begins with the first day of the month and ends on the last day of the twelfth month?
For 65% or so of the companies, the fiscal year is the same as the calendar year, though some end the year on a specific day of the week closest to the end of the calendar year.
What is fiscal month?
A month in a fiscal year... if you are thinking about what's the Fiscal year?... READ ON a year of 52 weeks is a fiscal year.. different regions and countries use different standards.. for instance, US fiscal year starts from OCT, but for UK the FY starts @ APR different regions follow their own standards.. but in a general patteren a set of 52 years is a fiscal year... and any month within that year is fiscal month.. BUT... a fiscal month is not like a set of 30/31 days.... from the start of the fiscal year a set of 13 weeks is a quarter.. which in turn is a set of 3 months .. 4 weeks months and a 5 week month... Mathematically... 13*4 = 52 4+4+5 = 13 Typically, a year starts off with the first Monday.. and counts up to the next 28 days to make a set of 4 weeks .. your first month.. continue next 28 days for your second month... the remaining 5 weeks in the quarter make your 3rd month... 52=4+4+5+4+4+5+4+4+5+4+4+5 I don't think there is any specific name for each of the month.. but you can denote using the usual month since ages like APR, JUL, OCT
Why do industries use a 53 week fiscal year end?
The companies you're referring to actually use what's referred to as a "52 / 53 week" fiscal year. Most companies end their accounting periods on the last day of each month, but some companies choose to close on the Saturday closest to to the end of the month. By doing this, they keep comparisons consistent: 4 weeks per month, 13 weeks per quarter, 52 weeks per year. But this amounts to only 364 days for a 52 week year. Because of the extra day each year, and then another for a leap year, every 3 or 4 years, they end up with 53 weeks in the year in order to still close on the Saturday NEAREST the end of the month. This of course messes up those comparisons. As a CPA and a NASDAQ company CFO, but retired now, I dealt with this issue on a regular basis. Hope this helps. (Sorry, I've never posted or signed in before.)
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For 65% or so of the companies, the fiscal year is the same as the calendar year, though some end the year on a specific day of the week closest to the end of the calendar year.
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What is fiscal month?
A month in a fiscal year... if you are thinking about what's the Fiscal year?... READ ON a year of 52 weeks is a fiscal year.. different regions and countries use different standards.. for instance, US fiscal year starts from OCT, but for UK the FY starts @ APR different regions follow their own standards.. but in a general patteren a set of 52 years is a fiscal year... and any month within that year is fiscal month.. BUT... a fiscal month is not like a set of 30/31 days.... from the start of the fiscal year a set of 13 weeks is a quarter.. which in turn is a set of 3 months .. 4 weeks months and a 5 week month... Mathematically... 13*4 = 52 4+4+5 = 13 Typically, a year starts off with the first Monday.. and counts up to the next 28 days to make a set of 4 weeks .. your first month.. continue next 28 days for your second month... the remaining 5 weeks in the quarter make your 3rd month... 52=4+4+5+4+4+5+4+4+5+4+4+5 I don't think there is any specific name for each of the month.. but you can denote using the usual month since ages like APR, JUL, OCT
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