regnskapsår

Regnskapsår, often referred to as the fiscal year, is the 12-month period for which a company's financial statements are prepared and reported. The choice of the regnskapsår is typically based on the company's operational cycle or convenience, but it must be consistent from year to year to ensure comparability. The end of the regnskapsår is known as the fiscal year-end or closing date.

The regnskapsår is an essential concept in accounting as it provides a standard period for comparing a company's financial performance from one year to the next. It allows for the consolidation of revenues, expenses, assets, and liabilities within a defined time frame. The regnskapsår is also crucial for tax purposes, as many countries require businesses to file their tax returns based on the fiscal year.

The selection of the regnskapsår can impact a company's financial reporting and decision-making processes. For example, a company that operates on a calendar year basis may choose January 1st to December 31st as its fiscal year. In contrast, a company with a seasonal business cycle might opt for a fiscal year that aligns with its peak operating period.

Regnskapsår is a fundamental aspect of financial management and reporting, ensuring that financial statements are accurate, reliable, and comparable. It plays a vital role in helping stakeholders, including investors, creditors, and management, understand a company's financial health and performance over time.