Meaning of the word "fiscal year" in English

What does "fiscal year" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

fiscal year

US /ˈfɪs.kəl ˌjɪr/
UK /ˈfɪs.kəl ˌjɪr/
"fiscal year" picture

Noun

1.

a 12-month period for which an organization plans its budget and keeps its accounts

Example:
The company's fiscal year ends on December 31st.
Our budget for the next fiscal year will be approved soon.
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