Fiscal Year

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    Topic
  • #186543
    wydwgroup
    Member

    Hi all,

    I would like to ask if the fiscal year balance sheet date must be the month ended date or can be any date in the year (ie: 3 Jan 2014 or 5 May 2014) .

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  • #577871
    acamp
    Participant

    Technically a Company can assign any 365 date range and call it the Fiscal Year, March 13, 2014 through March 12, 2015.

    Sound like a PITA though

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    #577872
    wydwgroup
    Member

    Is it possible to change over the years? As my client used the 3 Jan 13 as balance sheet date in last year, this year he changed to 7 Jan 14. Is there any concern to change the balance sheet date frequently?

    #577873
    Anonymous
    Inactive

    They might be using the 52-53 week calendar. Basically, they want their YE to be on the same day of the week every year, while the number day obviously changes.

    #577874
    mla1169
    Participant

    but 1/3/13 (Thursday) and 1/7/14 (Tuesday) are different days of the week, so it makes no sense. It sounds like they just took the date they printed the balance sheet possibly.

    To be sure you may be able to look on the secretary of state's website to see their business documents (annual report, etc) and see what they've declared as their year end date. Your fiscal year end date must agree with what the business has on record.

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    #577875
    Anonymous
    Inactive

    Ah yes, you have a point lol. Didn't notice that he used specific dates. Very strange…

    #577876
    fuzyfro89
    Participant

    wydwgroup:

    Lol, probably someone who is not an accountant/finance person and just figured it was “close enough”.

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