Last Fiscal Year (LFY)
What is Last Fiscal Year (LFY)?
How Does Last Fiscal Year (LFY) Work?
A fiscal year is a company's 12-month accounting cycle. The cycle begins on the first of any month (not necessarily January 1) and ends on the last day of the 12th month thereafter. A company's last fiscal year is the fiscal year that immediately preceded its current fiscal year.
For example, suppose Company ABC's fiscal year begins July 1, 2011 and ends June 30, 2012. As of September 15, 2011, Company ABC's last fiscal year would be the one that began July 1, 2010 and ended June 30, 2011.