Year in Year out

A fiscal year (or financial year, or sometimes budget year) is a period used for calculating annual (“yearly”) financial statements in businesses and other organizations. In many jurisdictions, regulatory laws regarding accounting and taxation require such reports once per twelve months, but do not require that the period reported on constitutes a calendar year (i.e., January through December). Fiscal years vary between businesses and countries. Fiscal year may also refer to the year used for income tax reporting.

In addition, many companies find that it is convenient for purposes of comparison and for accurate stock taking to always end their fiscal year on the same day of the week, where local legislation permits. Thus some fiscal years will have 52 weeks and others 53. Many major corporations, including Tesco, adopt this approach.

In the United Kingdom, a number of major corporations that were once government owned, such as BT Group and the National Grid, continue to use the government’s financial year, which ends on the last day of March, as they have found no reason to change since privatisation.

Nevertheless, the fiscal year is identical to the calendar year for about 65% of publicly traded companies in the United States and for a majority of large corporations in the UK and elsewhere (with notable exceptions Australia, New Zeland and Japan).

Many universities have a fiscal year which ends during the summer, both to align the fiscal year with the school year, and because the school is normally less busy during the summer months. In the Northern hemisphere this is July in one year to June in the next year. In the southern hemisphere this is January to December of a single calendar year.

Some media / communication based organizations use a Broadcast calendar as the basis for their fiscal year.

The Australian government’s financial year begins on July 1 and concludes on June 30 of the following year. This applies for personal income tax and the federal budget, and most companies are required to use it as their own.

In Canada, Hong Kong and India the government’s financial year runs from April 1 to March 31.

In China the fiscal year for all entities starts on January 1 and ends December 31, consistent with the calendar year, to match the tax year, statutory year, and planning year.

In the Arab republic of Egypt, the fiscal year starts on July 1 and concludes on June 30.

In Japan, the government’s financial year runs from April 1 to March 31. The fiscal year is represented by the calendar year in which the period begins followed by the word nendo (年度); for example the fiscal year from April 1, 2010 to March 31, 2011 is called 2010- nendo. Japan’s income tax year runs from January 1 to December 31, but corporate tax is charged according to the corporation’s own one-year period.

In the United Kingdom, the fiscal year for the purposes of personal taxation and payment of state benefits runs from April 6 to April 5. However the year should run from April 1 to March 31 for the purposes of corporation tax and government financial statements.

Although United Kingdom corporation tax is charged by reference to the government’s financial year, companies can adopt any year as their accounting year: if there is a change in tax rate, the taxable profit is apportioned to financial years on a time basis.

The U.S. government’s fiscal year begins on October 1 of the previous calendar year and ends on September 30 of the year with which it is numbered. Prior to 1976, the fiscal year began on July 1 and ended on June 30. The Congressional Budget and Impoundment Control Act of 1974 stipulated the change to allow Congress more time to arrive at a budget each year, and provided for what is known as the “transitional quarter” from July 1, 1976 to September 30, 1976. As stated above, the tax year for a business is governed by the fiscal year it chooses.

For example, the United States governement fiscal year for 2011 (“FY 2011” or “FY11”) is as follows:

• 1^st Quarter: October 1, 2010 – December 31, 2010;
• 2^nd Quarter: January 1, 2011 – March 31, 2011;
• 3^rd Quarter: April 1, 2011 – June 30, 2011;
• 4^th Quarter: July 1, 2011 – September 30, 2011.

Vocabulary Notes:

1. year in year out – з року в рік;

2. fiscal year [`fısk<sup>ə</sup>l `jıə] – фіскальний рік; бюджетний рік; (у Великій Британії) бюджетний або фіскальний рік (розпочинається 6 квітня поточного року і завершується 5 квітня наступного року, в останній день представлення міністром фінансів – Chancellor of the Exchequer – проекту нового бюджету палаті громад – House of Commons );

3. financial year [faı`næn<sup>t</sup>∫<sup>ə</sup>l `jıə] – звітний рік; бюджетний рік; фінансо-вий рік (умовний рік, пов’язаний з фінансовою діяльністю, наприклад із бухгалтерською звітністю та бюджетуванням); певний період, зумовлений порядком стягнення податку з корпорацій: податкові ставки встановлюються на кожний фінансовий рік; фінансовий (бюджетний) рік (період у 12 місяців, на який складається державний бюджет; може співпадати або не співпадати з календарним роком);

4. budget year [`bAGıt `jıə] – бюджетний рік; фінансовий рік;

5. calculating (statements) [`kælkjuleıtıŋ] – обчислення; розрахунок; підрахунок;

6. annual (“yearly”) financial statement [`ænju ə l `jıəli faı`næn<sup>t</sup>∫<sup>ə</sup>l `steıtmənt] – річний фінансовий звіт;

7. jurisdiction [ֽGuərıs`dık∫^ən] – юрисдикція; судочинство;

8. regulatory laws [ֽregju`leıt ə ri `lO:z] – регулятивне законодавство;

9. to constitute [`kOn^tstıtju:t] – утворювати; складати; встановлювати, засновувати; конституювати; робити чинним, надавати законної форми (чомусь);

10. income tax reporting [`ınkAm tæks ri`pO:tıŋ] – подання звіту (облік; звітність) про податок на прибуток (прибутковий податок);

11. accurate [`ækjərət] – точний, правильний; ретельний;

12. stock taking (also stocktaking) [`stOkֽteıkıŋ] / [`stα:kֽteıkıŋ] – інвентаризація; переоблік товарів; перевірка фонду (процес підрахунку та вартісної оцінки наявних на складі запасів сировини, незавершеного виробництва, готової продукції і т.д.; зазвичай проводиться періодично, наприклад, перед складанням річної фінансової звітності, але може проводитися поступово впродовж всього року, коли час від часу перераховуються та оцінюються запаси окремих категорій);

13. local legislation [`ləuk<sup>ə</sup>l ֽleGı`sleı∫^ən] – місцеве законодавство;

14. major corporations [`meıGə ֽkO:pə`reı∫^ənz] – великі корпорації;

15. publicly traded company [`pAblıkli `treıdıd `kAmp ə ni] – котирувана на біржі компанія; компанія, акції якої котируються на фондовій біржі; акціонерна компанія відкритого типу (АКВТ); відкрите акціонерне товариство (ВАТ);

16. to align [ə`laın] – об’єднуватися (у союз, конфедерацію тощо);

17. Broadcast calendar [`brO:dkα:st `kæləndə] – календар мовлення;

18. to conclude [kən`klu:d] – закінчувати(ся);

19. to apply (for) [ə`plaı] – застосовувати(ся); стосуватися; вживати;

20. personal income tax [`pə:s<sup>ə</sup>n ə l `ınkAm tæks] – прибутковий податок з фізичних осіб; податок на особистий прибуток;

21. entity [`entəti] – суб’єкт; юридична особа;

22. consistent (with) [kən`sıst ə nt] – погоджений, сумісний, відповідний;

23. statutory year [`stæt∫utəri `jıə] / [`stæt∫ətO:ri `jıə] – статутний рік; нормативний (статутний; встановлений законом) рік;

24. planning year [`plænıŋ `jıə] – рік планування (проектування);

25. nendo (年度) [`nendəu] –

26. income tax year [`ınkAm tæks `jıə] – податковий рік; фінансовий рік; бюджетний рік; фіскальний рік;

27. corporate tax [`kO:p ə rət `jıə] – корпоративний податок (податок, що сплачується з прибутків комерційної організації; може стягуватися як на національному, так і регіональному рівні);податок з корпорацій;

28. payment of state benefits [`peımənt əv ֽsteıt `benıfıts] – виплата держаної допомоги;

29. government financial statement [`gAv<sup>ə</sup>nmənt faı`næn^t∫^əl `steıtmənt] – державний фінансовий звіт;

30. by reference (to) [`ref^ər ə n^ts] – шляхом посилання; стосовно; відносно;

31. accounting year [ə`kauntıŋ `jıə] – звітний рік (дванадцятимісячний період, який не обов’язково співпадає з календарним роком, по завершенню якого складається звіт про результати господарської діяльності);

32. tax rate [`tæks ֽreıt] – ставка оподаткування; норма оподаткування; податкова ставка;

33. taxable profit [`tæksəb<sup>ə</sup>l `prOfıt] – прибуток, який підлягає оподаткуванню; оподатковуваний прибуток;

34. to be apportioned (to) [ə`pO:∫^ənd] – заздалегідь призначений; визначений;

35. on a time basis [`taım `beısıs] – на часовій основі;

36. prior (to) [`pra ı ə] – попередній, раніший; першочерговий;

37. congressional [kən`gre∫^ən ə l] – який стосується Конгресу (США) (часто перекладним відповідником є просто форма родового відмінку Конгресу);

38. impoundment [ım`paundmənt] – арешт на майно; вето на витрачання коштів (право президента на відмову від витрачання бюджетних коштів за певною статтею або в тому обсязі, в якому вони були затверджені законодавцями; в 1970-х рр. це президентське право було значною мірою обмежено рішеннями Конгресу та судової влади);

39. to stipulate [`stıpjuleıt] – визначати, передбачати (в законі); встановлювати (про закон, положення тощо);

40. to arrive (at) [ə`raıv] – досягати (угоди тощо); доходити (висновку тощо);

41. to provide (for) [prə`vaıd] – передбачати; забезпечувати;

42. “transitional quarter” [træn`zı∫^ən ə l] – перехідний (проміжний) квартал.

Task 9. Tick the correct sentence.

1. A fiscal year is a period used for calculating annual financial statements in business organizations. A fiscal year is a period used for calculating annual financial statements in businesses and other organizations.	____   ____
2. In most jurisdictions regulatory laws regarding accounting and taxation require that the period reported on constitutes a calendar year. In many jurisdictions regulatory laws regarding accounting and taxation do not require that the period reported on constitutes a calendar year.	____     ____
3. Fiscal years vary between countries. Fiscal years vary between businesses and countries.	____ ____
4. Some fiscal years will have 52 weeks and others 53. All fiscal years will have 53 weeks.	____ ____
5. Many companies find that it is inconvenient to always end their fiscal year on the same day of the week. Many companies find that it is convenient to always end their fiscal year on the same day of the week.	____   ____
6. In the United Kingdom the government’s financial year, which ends on the last day of May. In the United Kingdom the government’s financial year, which ends on the last day of March.	____ ____
7. In the UK the fiscal year is identical to the calendar year for a majority of large corporations. In the UK the fiscal year differs from the calendar year for a majority of large corporations.	____   ____
8. Many universities have a fiscal year which ends during the summer. No universities have a fiscal year which ends during the summer.	____ ____
9. In China the fiscal year for all entities starts on January 1 and ends December 31. In China the fiscal year for all entities starts on July 1 and concludes on June 30 of the following year.	____   ____
10. Under the UK jurisdiction companies must adopt the government’s financial year as their accounting year. In the United Kingdom companies can adopt any year as their accounting year.	____   ____

Task 10. a) Match the terms (column A) with their definitions (column B).

A

B

1. income tax 2. stock taking 3. financial statement 4. broadcast calendar 5. publicly traded company

a)a company whose shares of common stock are held by the public and are available for purchase by investors; b)the process of making a list of all the goods or materials that a company, shop, etc. has stored and available for use or sale; the time when this is done; c)the amount of money that a person (in the US also businesses) pays to the government according to how much they earn or receive from some sources; d)a document that a company, etc. must prepare regularly, showing its financial performance during a particular period of time; it usually includes the profit and loss account, the balance sheet and other information; e)a standardized calendar used primarily for the planning and purchase of radio and television programmes and advertising; every week in it starts on a Monday and ends on a Sunday, and every month has either four or five such weeks;

b) Translate into Ukrainian paying special attention to the words in italics.

1. He works in the agency collecting federal income tax.

2. The candidate promised cuts in the rate of income tax during his presidency.

3. The warehouse is closed for stocktaking.

4. We do the end-of-year stocktaking in March.

5. The auditors refused to sign off the financial statements.

6. The trust is required to publish audited financial statements by April 30.

7. The broadcast calendar often closely matches certain specialized financial calendars, such as 4/4/5 calendars, but the length of a broadcast month can vary year to year.

8. Broadcast calendar months have either 28 or 35 days.

9. Most small businesses are privately owned and not publicly traded.

10. When companies are established, they are usually private. As they grow, they may opt to start selling shares to the public and become publicly traded companies.

Task 11. Fill in the blanks with noun or adjective forms. Use your dictionary if necessary.

NOUN	ADJECTIVE
1. -----------	financial
2. year	-----------
3. -----------	northern
4. identity	-----------
5. -----------	personal
6. corporation	-----------
7. -----------	transit
8. statute	-----------
9. -----------	taxable
10. accuracy	-----------
11. -----------	regulatory
12. congress	-----------
13. -----------	federal
14. south	-----------
15. -----------	personal
16. budget	-----------
17. -----------	juridical
18. privatisation	-----------

Task 12. a) Use the words below to make up nouns according to one of the following word-building patterns. Translate the derived words.

Verb + -tion → Noun

Verb + -ment → Noun

1. to add; 2. to adopt; 3. to communicate; 4. to constitute; 5. to govern; 6. to impound; 7. to legislate; 8. to organize; 9. to privatise; 10. to represent; 11. to require; 12. to state; 13. to stipulate; 14. to tax; 15. to transit.

Task 13. Study the following verb and noun forms.

NOUN перепустка; дозвіл; ліцензія;

VERB дозволяти, давати дозвіл; надавати можливість; допускати (of);

Task. 14. Use the prepositions from the box to fill in the blanks in the sentences below. Refer to the text “Year in Year out” (Task 8) to check your answers.

at	in ×8	for ×10	per	as
	of ×2		on ×7
with	to ×7	between	by ×4	from

1. Fiscal years vary … businesses and countries.

2. Fiscal year may refer … the year used … income tax reporting.

3. The tax year … a business is governed … the fiscal year it chooses.

4. Prior … 1976, the fiscal year … the USA began … July 1 and ended … June 30.

5. Fiscal year is a period used … calculating annual financial statements … various organizations.

6. United Kingdom corporation tax is charged … reference … the government’s financial year.

7. The fiscal year is identical … the calendar year … about 65% of publicly traded companies … the United States.

8. Some media / communication based organizations use a Broadcast calendar … the basis … their fiscal year.

9. … Japan the fiscal year is represented … the calendar year … which the period begins followed … the word nendo.

10. The Australian government’s financial year begins … July 1 and concludes … June 30 of the following year.

11. In Canada, Hong Kong and India the government’s financial year runs … April 1 … March 31 (Example April 2010 … March 31 2011 … the current financial year).

12. … China the fiscal year … all entities starts … January 1 and ends December 31, consistent … the calendar year, to match the tax year, statuatory year, and planning year.

13. … addition, many companies find that it is convenient … purposes … comparison and … accurate stock taking to always end their fiscal year … the same day of the week.

14. The Congressional Budget and Impoundment Control Act … 1974 stipulated the change to allow Congress more time to arrive … a budget each year, and provided … what is known as the “transitional quarter” from July 1, 1976 … September 30, 1976.

15. … many jurisdictions, regulatory laws regarding accounting and taxation require such reports once … twelve months, but do not require that the period reported … constitutes a calendar year.

Task 15. Match the terms in column A with their synonyms in column B.

A	B
1.fiscal year	a)financial reports;
2.annual	b)legislation;
3.financial statements	c)budget year;
4.laws	d)to conclude;
5.to end	e)yearly;

Task 16. Read and translate the passage.

Дата добавления: 2014-11-29