Your Ask Joey ™ Answer

What is the difference between a fiscal year end and a calendar year end?

Calendar year-end refers to the actual calendar, which would be the 12 months from January 1st Year 1 to December 31, Year 1. The fiscal year can start on any month and then the year-end date is 12 consecutive months from that date. If a company has a fiscal year-end of June 30th, then the company would report the operations from the 12 months from July 1st Year 1 to June 30th Year 2.


Back To All Questions

You might also be interested in...

  • Discontinued Operations on the FAR CPA Exam

    Overview of Discontinued Operations In financial reporting, discontinued operations refer to a component of a company’s core business or product line that have been divested or shut down. Discontinued operations will be reported (net of tax) separately from continuing operations on the income statement. The reason that discontinued operations are reported separately is so that...

  • Equity Method Excel Workbook

    If you would like to use the Excel workbook that was used to create the Universal CPA lecture on the equity method, please click the link below to download the Excel workbook: Equity Method Lecture Example https://youtu.be/QE4flnmuSkw

  • How Hard is the CPA Exam?

    So you’re thinking about taking the CPA exam? Whether you have a dream of becoming a tax advisor, feel as though you need public accounting experience, or just want to solidify your business acumen, the CPA license is one of the most prestigious and well respected licenses in the business world. The exam itself is...