The choice of fiscal year-end in australia

Publication Type:
Journal Article
Australian Accounting Review, 2013, 23 (3), pp. 244 - 251
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This study examines the heterogeneity of fiscal year-end choice in Australia. It documents substantial differences in the 'popularity' of balance sheet dates during 1989-2010, and an increasing preference of June year-ends in recent years. Eighty-one percent of Australian firms choose June to align with the mandatory tax period, followed by 13% for December and 6% for other months. The paper finds that industry membership plays an important role in the choice of fiscal year-ends, evidenced by a strong non-June effect for manufacturing, retail and financial service companies. Finally, it summarises four popular reasons for Australian firms changing fiscal year-ends, and finds that 26% of those firms did not disclose the change via a separate announcement on the Australian Securities Exchange in a timely manner. © 2013 CPA Australia.
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