ELI5 mode
A financial year is a 12-month period used by organizations and governments for budgeting, accounting, and reporting purposes, which may not align with the calendar year. This period helps standardize financial cycles for tax filings and performance reviews, with start and end dates varying by country—for instance, the U.S. uses January 1 to December 31, while the UK starts on April 6—to accommodate local economic or seasonal factors.
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