The major differences between calendar year and fiscal year are as follows −
It has fixed time period.
It is used in normal life undertaking.
It includes 365 days (from January 1st to December 31st).
Tax reporting is easy.
MNC’s Financials is simple.
Easy to compare financials of different companies.
Business can choose its starting date as per their requirement.
It is used to prepare business accounting, financial reporting and tax reporting.
12 months’ period is there in a fiscal year.
Tax reporting is complicated as compared to calendar year.
MNC’s financial is time taking.
Comparison of financials of different companies is difficult.