The Financial Year?

Question

Who decided that the financial year should be from March to February?

OK. In South Africa, in general, most companies & businesses have their financial yearend at the end of February. Even if their normal financial yearend is end of December, financial statements are still done from March to February. All financial statements in SA are dated "for the year ended February ????"

No, not exactly Michelle, but thanks for the info.

Ok, everyone tells me about the companies in their country's financial year ends, but what I need to know is why does financial statement, done by registered accountants, always state "for the year ended February 200?" Does anyone know the answer to this?

Answer 1

in my country financial year ended in june 30 or december 31,but most of companies ,especially stock exchange listed companies ended their financial year on december 31.
all companies is legally free to decide their period of financial year

Answer 2

Whose financial year? Companies can have their choice of financial year ends, although Dec 31 is the most common. Certain govts, like Japan, insist on Mar 31 being the year end of companies for reporting purposes. Because of this, some companies, especially those with overseas subsidiaries, have 2 year-ends, 1 for themselves and 1 for the subsid's govt.

Answer 3

I totally agree with sandy..But I truthfuly think the
they are become more Democratic with voting.....In trading deals,...The May to June change (up by 3%) in imports of goods reflected increases mainly in mineral products [up by R1.7 billion (19%)]; vehicles, aircraft and vessels (increase of R1.0 billion (18%)); and precious and semi-precious stones and metals [increase of R0.5 billion (121%)]. However, imports of original equipment components decreased by R0.5 million (-14%). ..Thus increasing Africas Goods..

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