When Is FY23? Dates for Government and Business

Many organizations, including government bodies and businesses, utilize a fiscal year for their financial planning and reporting. This designated 12-month accounting period serves as a consistent cycle for tracking financial activity, often differing from the standard calendar year.

Understanding Fiscal Years

A fiscal year is a consecutive 12-month period that an organization uses for accounting, budgeting, and financial reporting purposes. Unlike a calendar year, which is fixed from January 1 to December 31, a fiscal year can begin and end in any month. This flexibility allows organizations to tailor their financial reporting to their specific business cycles, industry practices, or tax planning strategies.

Organizations often choose a fiscal year to align with their natural operational patterns, such as periods of high revenue or specific seasonal activities. For instance, a retail business might conclude its fiscal year in January to encompass the entire holiday shopping season within a single reporting period, providing a more accurate reflection of annual performance. The fiscal year is commonly named by the calendar year in which it ends. For example, a fiscal year ending in 2023 is referred to as “FY23,” regardless of its starting month.

Key FY23 Dates

The U.S. Federal Government operates on a fiscal year that begins on October 1 and concludes on September 30 of the following year. Therefore, the U.S. Federal Government’s FY23 ran from October 1, 2022, to September 30, 2023. This specific timing allows Congress more time to finalize the budget each year.

For businesses and other organizations, there is no single universal “FY23” date, as their fiscal years vary widely based on their individual needs. Many businesses align their fiscal year-end with the last day of a specific month or utilize a 52/53-week year.

Common fiscal year start dates include January 1, April 1, July 1, or October 1, often coinciding with calendar quarters. For example, a company with a July 1 fiscal year start would have its FY23 begin on July 1, 2022, and end on June 30, 2023. A business operating on a calendar year basis would consider January 1, 2023, to December 31, 2023, as its FY23. It is important to consult an individual entity’s financial statements or public disclosures to determine its precise fiscal year.

Significance of Fiscal Years

Fiscal years are fundamental to an organization’s financial management and external transparency. They provide the structured timeline necessary for effective budgeting and financial planning. Organizations set financial goals, allocate resources, and project revenues and expenses for the defined 12-month period, which helps in making informed decisions.

Fiscal years form the basis for financial reporting, allowing for the preparation of consistent annual reports, income statements, balance sheets, and cash flow statements. This consistency enables year-over-year performance measurement and trend analysis, providing stakeholders with a clear understanding of the entity’s financial health. The Internal Revenue Service (IRS) permits businesses to file taxes based on either a calendar year or a chosen fiscal year, which must align with their accounting period. Tax liabilities are calculated and reported according to this chosen fiscal year, influencing deadlines for federal income tax returns.