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A fiscal year (or financial year or accounting reference date) is a 12-month period used for calculating annual ("yearly") financial statements in businesses and other organizations. In many jurisdictions, regulatory laws regarding accounting require such reports once per twelve months, but do not require that the twelve months constitute a calendar year (i.e. January to December). The financial results presented to shareholders are therefore a "photograph" of company's accounts at the accounting reference date. Although September seems to be the most popular ending month, it must be understood that the end date varies between businesses and countries.