Intended Audience and Contact Information
| Contact | Chief Data Officer, Office of the CIO |
|---|---|
| UDM Domain | Finance |
| Intended Audience | Internal UBC |
Purpose
Fiscal periods are key dates that drive UBC’s financial reporting and budgeting activities. This standard aims to achieve consistency around fiscal periods and how they are represented.
Standard
A fiscal year spans from April 1st of a year to March 31st of the following year. The format for a fiscal year is represented as prefix ‘FY’ followed by the date of the year that the fiscal year ends. The table below provides dates representation and example for one fiscal year name and period.
| Period | Period Name | Period Start Date | Period End Date |
|---|---|---|---|
| Fiscal Year e.g. Fiscal Year of 2019 |
FY[yyyy+1] e.g. FY2019 |
01/04/[yyyy] e.g. 01/04/2018 |
31/03/[yyyy+1] e.g. 31/03/2019 |
There are four quarters in a fiscal year. The table below provides dates representation for financial quarter-end names and periods.
| Period | Period Name | Period Start Date | Period End Date |
|---|---|---|---|
| Q1 e.g. Q1 of FY2019 |
FY[yyyy]-Apr–Jun e.g. FY2019-Apr-Jun |
01/04/[yyyy] e.g. 01/04/2018 |
30/06/[yyyy] e.g. 30/06/2018 |
| Q2 | FY[yyyy]-Jul-Sep | 01/07/[yyyy] | 30/09/[yyyy] |
| Q3 | FY[yyyy]-Oct-Dec | 01/10/[yyyy] | 31/12/[yyyy] |
| Q4 | FY[yyyy+1]-Jan-Apr | 01/01/[yyyy+1] | 31/03/[yyyy+1] |
There are twelve months in a fiscal year. The table below provides dates representation for financial month-end names and periods.
| Period | Period Name | Period Start Date | Period End Date |
|---|---|---|---|
| April e.g. April of FY2019 |
FY[yyyy]-Apr e.g. FY2019-Apr |
01/04/[yyyy] e.g. 01/04/2018 |
30/04/[yyyy] e.g. 30/04/2018 |
| May | FY[yyyy]-May | 01/05/[yyyy] | 31/05/[yyyy] |
| June | FY[yyyy]-Jun | 01/06/[yyyy] | 30/06/[yyyy] |
| July | FY[yyyy]-Jul | 01/07/[yyyy] | 31/07/[yyyy] |
| August | FY[yyyy]-Aug | 01/08/[yyyy] | 31/08/[yyyy] |
| September | FY[yyyy]-Sep | 01/09/[yyyy] | 30/09/[yyyy] |
| October | FY[yyyy]-Oct | 01/10/[yyyy] | 31/10/[yyyy] |
| November | FY[yyyy]-Nov | 01/11/[yyyy] | 30/11/[yyyy] |
| December | FY[yyyy]-Dec | 01/12/[yyyy] | 31/12/[yyyy] |
| January | FY[yyyy+1]-Jan | 01/01/[yyyy+1] | 01/31/[yyyy+1] |
| February | FY[yyyy+1]-Feb | 01/02/[yyyy+1] | 02/28/[yyyy+1]* |
| March | FY[yyyy+1]-Mar | 01/03/[yyyy+1] | 31/03/[yyyy+1] |
*29/02/[yyyy+1] in case of a leap year
Taxes, research grants and external sponsors follow the Gregorian calendar year for reporting purposes. These are reported on from January 1st to December 31st every year.
Compliance
The above guidelines on the Fiscal Periods and Representation standard must be complied at every stage of the data lifecycle with the exception of any dispensations (see Dispensation section):
- All applications must collect date as recommended in this standard.
- Enterprise Data Integration must adopt this standard.
Dispensation
Legacy systems are exempt from this data standard. As systems are replaced, adoption of this standard is required. Examples of legacy systems are:
- Student Information System (SIS)
- Human Resource Management System (HRMS)
- Finance Management System (FMS)