A fiscal year is a time period for which an annual financial statement for a company is prepared. The duration of a fiscal year must not exceed 12 months. Shorter periods, called a short fiscal year, are allowed only for opening, rearrangement or divestiture peroiods. While fiscal year is a term from the Commercial Code, accounting year is the synonym from accounting law. A fiscal year may correspond to the accounting year, but is not required to do so. If the fiscal year deviates from the calendar year, it is called a non-calendar fiscal year.