A corporation's yearly accounting period which covers a 12 month period for which business activities are reported and profit or loss is determined.
The first 12 fiscal period generally correspond to one calendar month. Period 1 begins in on July 1 and Period 12 ends on June 30. There are 16 fiscal periods in a year. Periods 13 through 16 are used for fiscal year closing transactions only.
Any period at the end of which a governmental unit determines its financial position and the results of its operations. Refer to ACCOUNTING PERIOD.