Meaning of the word "financial year" in English

What does "financial year" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

financial year

US /fəˈnænʃəl jɪr/
UK /faɪˈnænʃəl jɪə/

Noun

a 12-month period used by a government, business, or organization for financial accounting, which may not coincide with the calendar year

Example:
The company's financial year ends on March 31st.
We need to submit our tax returns by the end of the financial year.