[GNC-dev] gnucash-devel Digest, Vol 222, Issue 6
borden_c at tutanota.com
Mon Sep 6 15:22:35 EDT 2021
> I see references/comments in the PR referring to ?Fiscal? year. Just my
> view but ?Fiscal? seems to be one of those terms that are rarely used by
> anyone except federal treasurers and finance reporters. Perhaps more
> understandable to use FinYear / FinancialYear or similar.
Well, "Fiscal Year" is the proper terminology in IFRS and US GAAP in the same way that "Assets", "Liabilities", "Equity", "Debits" and "Credits" are. So, unless you want to confuse and irritate people who've been raised to use the official terminology, I'd avoid using the "layman's terminology."
And fiscal year support is something that transcends the Australian tax system. Entities are free to pick their own fiscal year and, in fact, are encouraged to pick one _after_ their busy season so there are fewer distractions when they do their closing procedures.
So every GNUCash file really should track the entity's year-end (defaulting to the calendar) and adjust reports accordingly by default. That how I learnt accounting, at least.
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