Fiscal Year Adopted Budget: Fill & Download for Free

In the business world, there are two types of years -- a fiscal year and a calendar year. According to BusinessDictionary.com , a fiscal year and financial year are one in the same. The only difference between the two is that individuals in the U.S. commonly use the term "fiscal year" when referring to a business accounting period.Fiscal Year OverviewAccording to the Internal Revenue Service, IRS, a calendar year is a period of 12 months, which begin on January 1 and end on December 31. A fiscal year also contains 12 consecutive months, but can end on the last day of any month, with the exception of December. For example, a financial year can start on April 1 and end on March 31. The business world divides fiscal or financial years into quarters so companies can monitor the progress of their financial health and annual budgets during the year. Unlike a calendar year, a fiscal year can cover two calendar years, as it can start at any time during a calendar year and end 12 months later in the following calendar year.The Importance of a Fiscal YearIf companies had to begin their financial year at the same time as a calendar year, they would have to wait until January 1 to conduct official business. The use of fiscal years, however, allows companies to begin their operations as soon as they are ready.Tax Years vs. Fiscal YearsRegardless of a U.S. company's financial year, it must also have a tax year when filing income tax returns. In the U.S., the tax year follows the calendar year or a company's fiscal year. However, a company may have a short or non-existent tax year if it has not existed for 12 months when filing tax returns or it changed its accounting period. Once a company adopts a tax year, the IRS has to approve any changes a company wishes to make.Financial Years Around the WorldEach country has its own official, government fiscal year. For example, the United Arab Emirates, Ireland, Sweden, China and Portugal have financial years that begin at the same time as the calendar year. The fiscal year in the U.S. begins on October 1 and ends on September 30 of the following year. In the United Kingdom, the fiscal year begins on April 6 and ends on April 5 of the following year. Corporations may find that international financial years differ from those that individuals follow. For example, in Sweden, the fiscal year for an individual follows the calendar year, but the financial year for a corporation can start at the beginning of January, May, July or September.P.s.- It May Be helps you to Understand easily And DeeplySources - ehow and BusinessDictionaryThanks for A2A..!!

How about a US example?Massachusetts adopted universal multiple-payer healthcare in 2006. A Harvard study in 2014 found the following with regards to outcomes:Compared to other New England states, Massachusetts’ reform was associated with significant reductions in the uninsured rate (-6.8 percentage-point change in predicted probability, a 57% relative decline from baseline), cost-related delays in care (-2.0 percentage points, 22% relative decline), lacking a usual source of care (-1.9 percentage points, 13% relative decline), having no preventive visit in the last year (-4.0 percentage points, 13% relative decline), and reporting good, fair or poor health (-1.8 percentage points, 5% relative decline).And : Massachusetts’ reform was associated with a significant decline in all-cause mortality compared to the control group (-2.9 percent, p=0.003, or an absolute decline of 8.2 deaths per 100,000). Deaths from causes amenable to health care also significantly declined (-4.5 percent, p<0.001).[1]In other words, virtually the entire population was insured, people’s health got better, and far fewer people died from preventable causes.And an analysis of costs found thatOver the five full fiscal years since the law was implemented, the incremental additional state cost per year has averaged $91 million, an amount that is well within projections made prior to the law's enactment.[2]Bear in mind that the entire state budget is $32 Billion; $91 million is practically within the rounding error.You can read the entire reports yourself. This was not a difficult Google exercise to find, other than weeding out the opinion pieces masquerading as analyses.Footnotes[1] https://dash.harvard.edu/bitstream/handle/1/14085946/Sommers_ChangesMortality.pdf?sequence=1[2] https://www.masstaxpayers.org/sites/masstaxpayers.org/files/Health%20Reform%20Report.pdf

India follows the financial year from April 1 i.e. the calendar year and fiscal year don’t match. The exact reason is unknown, but the financial researchers have put forth some theories.Inheritance from British RuleIndia was ruled by British for around 150 years, who followed the accounting period of April to March after the adoption of Gregorian calendar system of accounting.April 1, coincided with the Hindi festival of Vaisakha Sankranti that is the Hindi New Year, hence The East India Company thoughtfully decided to match its financial year with the Hindi calendar to ease out financial transactionsRevenue cycle in AgricultureSince most of their taxes were from the crops, the British government prepared its annual budget according to the the crop patterns.FestivalsIn many countries, retailers use the non-calendar year as their fiscal year.Also, end of the year is the period of high activity for retailers in many countries. Because of the festive season, levels of inventory, receivables and payables will be higher than at other month ends and as a result more difficult and time-consuming to measure precisely.For example, in India itself, festivals like Navratri and Diwali fall in the month of October and November, subsequently Christmas in December, accounting for heavy sales for the retailers making accounting complex.To give each of the activity efficient time and attention, December is not chosen as the month of ending the financial year.Countries like Canada, United Kingdom (UK), New Zealand, Hong Kong and Japan also follow a similar trend.Source — Why financial year & calendar year differ in India?Edit: India may shift to a January to December financial year, recommended a government-appointed committee headed by former chief economic adviser Shankar Acharya.Source — Change fiscal year to Jan-Dec: Govt panel suggests break from 150-yr tradition