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Fiscal year

2008-05-24T20:56:49Z

Mmm:

A '''fiscal year''' (or '''financial year''', or sometimes '''budget year''') is a period used for calculating annual ("yearly") [[financial statement]]s in [[business]]es and other organizations. In many jurisdictions, regulatory [[law]]s regarding [[accounting]] and [[taxation]] require such reports once per twelve months, but do not require that the period reported on constitutes a [[calendar year]] (i.e. January through December). Fiscal years vary between businesses and countries.

In the United Kingdom, the term fiscal year is sometimes used to refer to the '''tax year''', the year used by statute for tax reporting by individuals, and is not commonly used for accounting years used by companies. The equivalent of fiscal year applied to companies is the '''accounting reference period''' (required under the [[United Kingdom company law|Companies Acts]]), which usually forms the basis of the [[accounting period]] used for tax purposes.

==Disparity with the calendar year==
Often the fiscal or tax year is specifically established not to match the calendar year (also called natural year) so that accounting year-end work does not coincide with periods of high activity, such as the Christmas shopping rush for retailers, or with [[holiday]] periods when employees may prefer to take vacation.

A popular use of a non-calendar year as the fiscal year involves retailers. In many countries, at the end of December, levels of [[inventory]], [[receivable]]s and [[payable]]s will be higher than at other month ends and consequently more complex and time-consuming to measure accurately. Therefore, retailers commonly use a month other than December to end their fiscal year. January may be chosen as the last month of the fiscal year because activity levels are likely to be closer to normal by the end of January.

In addition, many companies find that it is convenient for purposes of comparison and for accurate stock taking to always end their fiscal year on the same day of the week, where local legislation permits. Thus some fiscal years will have 52 weeks and others 53. Major corporations that adopt this approach include [[Cisco Systems]] and [[Tesco]].

In the [[United Kingdom]], a number of major corporations that were once government owned, such as [[BT Group]] and the [[National Grid UK|National Grid]], continue to use the government's financial year, which ends on the last day of March, as they have found no reason to change since [[privatisation]].

Nevertheless, for about 65% of publicly traded companies in the [[United States]] and for a majority of large corporations in the UK and elsewhere, except in [[Australia]], [[New Zealand]] and [[Japan]], the fiscal year and calendar year are identical.


Many [[universities]] have a fiscal year which ends during the summer, both to align the fiscal year with the [[school year]], and because the school is normally less busy during the summer months. Examples include [[Harvard University]]<ref name="harvard">{{cite web |url=http://www.hoovers.com/harvard-university/--ID__40201,ticker__--/free-co-fin-factsheet.xhtml |title=Harvard University - Financials |work=Hoovers |accessdate=2008-03-20 }} Harvard University's fiscal year ends at the end of June.</ref> and most English universities.<ref name="englishuniversities">{{cite web |url=http://www.hefce.ac.uk/pubs/hefce/2006/06_24/06_24.pdf |format-PDF |title=Model financial memorandum between HEFCE and institutions |work=Higher Education Funding Council for England |date=2006-08-01 |accessdate=2008-03-20 }} Fiscal year ends at the end of July.</ref>

==Operation in various countries==
Such fiscal years are typically numbered using a calendar year and quarter thereof. A '''fiscal quarter''' is 3 months (1/4 of a year). For example, the [[Federal government of the United States|United States government]] fiscal year for [[2008]] ("FY08", sometimes written "FY07–08") is as follows:

*1st Quarter: [[October 1]], [[2007]] – [[December 31]], [[2007]]
*2nd Quarter: [[January 1]], [[2008]] – [[March 31]], [[2008]]
*3rd Quarter: [[April 1]], [[2008]] – [[June 30]], [[2008]]
*4th Quarter: [[July 1]], [[2008]] – [[September 30]], [[2008]]

The U.S. government's fiscal year begins on [[October 1]] of the previous calendar year and ends on [[September 30]] of the year with which it is numbered. Prior to [[1976]], the fiscal year began on [[July 1]] and ended on [[June 30]]. The [[Congressional Budget and Impoundment Control Act of 1974]] stipulated the change to allow Congress more time to arrive at a budget each year, and provided for what is known as the "transitional quarter" from [[July 1]], [[1976]] to [[September 30]], [[1976]]. As stated above, the tax year for a business is governed by the fiscal year it chooses.

The [[Government of Australia|Australian government]]'s fiscal year begins on [[July 1]] and concludes on [[June 30]] of the following year. This applies for personal income tax and the federal budget, and most companies are required to use it as their own. In [[Canada]], the [[United Kingdom]], [[New Zealand]], [[India]], [[Hong Kong]] and [[Japan]], the government's '''financial year''' runs from [[April 1]] to [[March 31]]. [[United Kingdom corporation tax]] is charged by reference to the government's financial year, but companies can adopt any year as their accounting year: if there is a change in tax rate, the taxable profit is apportioned to financial years on a time basis. Japan's [[income tax]] year runs from January 1 to December 31, but corporation tax is charged by their own one year period.

In the UK, the '''tax year''' (which governs liability to personal income tax and [[capital gains tax]]) runs from [[April 6]] to [[April 5]]. This reflects the old [[ecclesiastical calendar]], with [[New Year]] falling on [[March 25]] (''[[Lady Day]]''), the difference being accounted for by the eleven days "missed out" when [[Kingdom of Great Britain|Great Britain]] converted from the [[Julian Calendar]] to the [[Gregorian Calendar]] in [[1752]] (the British tax authorities, and landlords were unwilling to lose 11 days of tax and rent revenue, so under provision 6 (''Times of Payment of Rents, Annuities, &c.'') of the [[Calendar (New Style) Act 1750]], the 1752–3 tax year was extended by 11 days). From 1753 until 1799, the tax year in Great Britain began on [[5 April]], which was the "[[old style]]" new year of [[25 March]]. A 12th skipped Julian leap day in 1800 changed its start to [[6 April]]. It was not changed when a 13th Julian leap day was skipped in 1900, so the tax year in the [[United Kingdom]] is still [[6 April]].

[[Republic of Ireland|Ireland]] also used the year ending April 5 until 2001 when it was changed, at the request of Finance Minister Charlie McCreevy, to match the calendar year (the 2001 tax year was nine months, from April to December).

In some jurisdictions, particularly those that permit [[tax consolidation]], companies that are part of a [[Business group|group]] of businesses must use nearly the same fiscal year (differences of up to three months are permitted in some jurisdictions, such as the U.S. and [[Japan]]), with consolidating entries to adjust for transactions between units with different fiscal years, so the same resources will not be counted more than once or not at all.

==References==
*StreetAuthority.com's [http://www.streetauthority.com/terms/f/fiscalyear.asp Financial Glossary]
<div class="references-small"><references /></div>

Hedonism

2008-05-23T23:17:48Z

Mmm:

'''Hedonism''' is the [[philosophy]] that [[pleasure]] is of [[ultimate importance]], the most important pursuit. The name derives from the [[Greek language|Greek]] word for "delight."
==Basic concepts==
The basic idea behind hedonistic thought is that pleasure is the only thing that is good for a person. This is often used as a justification for evaluating actions in terms of how much ''pleasure'' and how little ''pain'' (i.e. [[suffering]]) they produce. In very simple terms, a hedonist strives to maximise this total pleasure (pleasure minus pain). The nineteenth-century British philosophers [[John Stuart Mill]] and [[Jeremy Bentham]] defended the ethical theory of [[Utilitarianism]], according to which we should perform whichever action is best for everyone. Conjoining hedonism, as a view as to what is good for people, to utilitarianism has the result that all action should be directed toward achieving the greatest amount of happiness for the greatest number of people. Though consistent in their pursuit of happiness, Bentham and Mill’s versions of hedonism differ. There are two somewhat basic schools of thought on hedonism:<ref>"Hedonism." Stanford Encyclopedia of Philosophy. 20 Apr. 2004. 4 Nov. 2007 <http://plato.stanford.edu/>.</ref>

* One school, grouped around [[Jeremy Bentham]], defends a quantitative approach. Bentham believed that the value of a pleasure could be quantitatively understood. Essentially, he believed the value of a pleasure to be its intensity multiplied by its duration - so it was not just the number of pleasures, but their intensity and how long they lasted that must be taken into account.
* Other proponents, like [[John Stuart Mill]] argue a qualitative approach. Mill believed that there can be different levels of pleasure - higher quality pleasure is better than lower quality pleasure. Mill also argues that simpler beings (he often references [[pig]]s) have an easier access to the simpler pleasures; since they do not see other aspects of life, they can simply indulge in their pleasures. The more elaborate beings tend to spend more thought on other matters and hence lessen the time for simple pleasure. It is therefore more difficult for them to indulge in such "simple pleasures" in the same manner.

Critics of the quantitative approach{{who}} assert that, generally, "pleasures" do not necessarily share common traits besides the fact that they can be seen as "pleasurable." Critics of the qualitative approach{{who}} argue that whether one pleasure is higher than another depends on factors other than how pleasurable it is. For example, the pleasure of sadism is a more base pleasure because it is morally unpalatable, and not because it is lacking in pleasure.

While some maintain that there is no standard for what constitutes pleasurable activities (for example, those with an interest in [[sadomasochism]]), most contemporary hedonists believe that pleasure and pain are easily distinguished and pursue the former.

In the medical sciences, the inability to derive pleasure from experiences that are typically considered pleasurable is referred to as ''[[anhedonia]]''.

==Modern beliefs==
Modern day hedonists strive firstly, as their predecessors, for pleasure. But also, hedonists feel that people should be equal, and that the way to achieve that is through allowing much more personal freedom. Hedonists, in the words of an organization known as Hedonist International, "want joyful togetherness, anarchy, [[epicureanism|epicurean]] ideas, multifaceted joy, [[wikt:sensuality|sensuality]], diversion, [[friendship]], [[justice]], tolerance, freedom, sexual freedom, sustainability, peace, free access to information, the arts, a cosmopolitan existence, and a world without borders or discrimination, and everything else that is wonderful but not a reality today. "(Hedonist Manifesto)<ref>"Hedonist Manifesto." Hedonist International. Hedonist International. 4 Nov. 2007 http://www.hedonist-international.org .</ref>

==Predecessors==
[[Cyrenaics|Cyrenaicism]] (4th and 3rd centuries B.C.), founded by [[Aristippus of Cyrene]], was one of the earliest Socratic schools, and emphasized one side only of the Socratic teaching. Taking Socrates' assertion that happiness is one of the ends of moral action, Aristippus maintained that pleasure was the supreme good. He found bodily gratifications, which he considered more intense, preferable to mental pleasures. They also denied that we should defer immediate gratification for the sake of long-term gain. In these respects they differ from the Epicureans.<ref>"Cyrenaics." Internet Encyclopedia of Philosophy. The University of Tennessee At Martin. 4 Nov. 2007 <http://www.iep.utm.edu/>.</ref><ref>"The Cyrenaics and the Origin of Hedonism." Hedonism.org. BLTC. 4 Nov. 2007 <http://www.hedonism.org>.</ref>

[[Epicureanism]] is considered by some to be a form of ancient hedonism. [[Epicurus]] identified pleasure with tranquillity and emphasized the reduction of [[tanha|desire]] over the immediate acquisition of pleasure. In this way, Epicureanism escapes the preceding objection: while pleasure and the [[highest good]] are equated, Epicurus claimed that the highest pleasure consists of a simple, moderate life spent with friends and in philosophical discussion. He stressed that it was not good to do something that made one feel good if, by experiencing it, one would belittle later experiences and make them no longer feel good. For example, too much [[intercourse|sex]] might later decrease interest in sex, which may cause one to be dissatisfied with one's sexual partner leading to unhappiness.

==Hedonism and egoism==
Hedonism can be conjoined with [[psychological egoism]] - the theory that humans are motivated only by their self interest - to make [[psychological hedonism]]: a purely descriptive claim which states that [[Agent (grammar)|agents]] naturally seek pleasure. Hedonism can also be combined with [[ethical egoism]] - the claim that individuals should seek their own good - to make '''ethical hedonism''' the claim that we ''should'' act so as to produce our own pleasure.

However, hedonism is not necessarily related to [[egoism]]. The [[Utilitarianism]] of [[John Stuart Mill]] is sometimes classified as a type of hedonism, as it judges the morality of actions by their consequent contributions to the greater good and [[happiness]] of all. Note that this is [[altruism|altruistic]] hedonism. Whereas some hedonistic doctrines propose doing whatever makes an individual happiest (over the long run), Mill promotes actions which make ''everyone'' happy. Compare [[individualism]] and [[collectivism]].

It is true that Epicurus recommends for us to pursue our own pleasure, but he never suggests we should live a selfish life which impedes others from getting to that same objective.

Some of [[Sigmund Freud]]'s theories of human motivation have been called psychological hedonism; his "life instinct" is essentially the observation that people will pursue pleasure. However, he introduces extra complexities with various other mechanisms, such as the "[[death instinct]]". The death instinct, Thanatos, can be equated to the desire for [[silence]] and [[peace]], for calm and darkness, which causes them another form of happiness. It is also a death instinct, thus it can also be the desire for death. The fact that he leaves out the instinct to survive as a primary motivator, and that his hypotheses are notoriously invalidated by [[objective test]]ing, casts doubt on this theory.

[[Ayn Rand]], one of the biggest modern proponents of Egoism, rejected hedonism in a literal sense as a comprehensive ethical system:
<blockquote>To take "whatever makes one happy" as a guide to action means: to be guided by nothing but one's emotional whims. Emotions are not tools of cognition. . . . ''This'' is the fallacy inherent in ''hedonism''--in any variant of ethical hedonism, personal or social, individual or collective. "Happiness" can properly be the ''purpose'' of ethics, but ''not'' the ''standard''. The task of ethics is to define man's proper code of values and thus to give him the means of achieving happiness. To declare, as the ethical hedonists do, that "the proper value is whatever gives you pleasure" is to declare that "the proper value is whatever you happen to value"--which is an act of intellectual and philosophical abdication, an act which merely proclaims the futility of ethics and invites all men to play it deuces wild.<ref>Ayn Rand, ''The Virtue of Selfishness'', "The Objectivist Ethics".</ref></blockquote>

A modern proponent of hedonism with an ethical touch is the [[Sweden|Swedish]] philosopher [[Torbjörn Tännsjö]]<ref>Torbjörn Tännsjö; ''Hedonistic Utilitarianism'' (Edinburgh: Edinburgh University Press (1998).</ref>.

==The Christian view==
{{main|Christian Hedonism}}
[[Christian Hedonism]] is a term coined in 1986 for a [[theology|theological]] movement originally conceived by [[Reformed Baptist]] [[pastor]] and [[theologian]], [[John Piper (theologian)|John Piper]], in his book, ''Desiring God: Meditations of a Christian Hedonist''. The tenets of this philosophy are that humans were created by [[God]] with the priority purpose of lavishly enjoying God through knowing, worshiping, and serving Him. This philosophy recommends pursuing one's own happiness in God as the ultimate in human pleasure. Similar to the Epicurean view, the highest pleasure is regarded as something long-term and found not in indulgence but in a life devoted to God. Members of the Christian community have seriously questioned whether Christian Hedonism displaces "love God" with "enjoy God" as the greatest and foremost [[10 commandments|commandment]].

A typical [[apologetic|apologia]] for Christian Hedonism follows: Assuming one accepts that the primary definition of love is "an emotion of affection," then if one were to love something truly he must also truly enjoy it. In hedonism, obtaining pleasure is a higher goal than any other, including the pursuit of love. God, being a hedonist, loves Himself above all else and therefore enjoys His own presence above all other pleasurable pursuits. He calls men to also pursue all their pleasure only in God, as God also finds this experientially pleasant. Thus, Christian Hedonism is exemplified in relation to [[Jesus]] [[Christ]], who justifies God in enjoying a rebellious creation by providing the sacrifice of Himself as the payment allowing God to be pleased with us, and for us to enjoy Him, forever. It could be summed up in this statement: "God is most glorified in us, when we are most satisfied [pleased] in Him".

Quite a few people equate hedonism with sexuality and having a very loose or liberal view of the morality of sex. As noted above, many (perhaps most) forms of hedonism actually concentrate on [[spirituality|spiritual]], [[intellectual]], or otherwise non-sexual forms of pleasure. The pursuit of sexual pleasure can certainly be a form of hedonism, but it is not the mainstream one.{{Fact|date=May 2008}} However, this has become the mainstream use of the word.

More recently, the term Christian Hedonism has been used by the [[France|French]] [[atheist]] philosopher [[Michel Onfray]] to qualify the various heretic movements from the [[Middle Ages]] to [[Montaigne]].

== References and notes ==
{{reflist}}

==See also==
* [[Utilitarianism]]
* [[Marquis de Sade]]
* [[Brave New World]], a book by [[Aldous Huxley]] detailing a totalitarian and hedonistic dystopia.
* [[Dorian Gray]], a fictional character by [[Oscar Wilde]]

==External links==
*[http://www.hedweb.com/ The Hedonistic Imperative]
*The Internet Encyclopedia of Philosophy on:
**[http://www.utm.edu/research/iep/e/epicur.htm Epicurus]
**[http://www.utm.edu/research/iep/m/milljs.htm Mill]
**[http://www.utm.edu/research/iep/f/freud.htm Freud]
*[http://www.christianhedonism.org/articlesDetail.asp?id=26 Christian Hedonism]
*[http://www.thefaithfulword.org/cathedonism.html Articles critiquing Christian Hedonism]
*[http://plato.stanford.edu/entries/hedonism/ Stanford Encyclopedia of Philosophy entry]
* Article on attitudes toward [http://www.kehillaton.com/en/articles_pleasure.asp pleasure in Judaism]
*[http://eneida.over-blog.net/ Hedonism & Lifestyle]
*[http://hedonist-international.org/?q=en/manifest/ Manifesto of the Hedonist International]