The period from January 1 to December 31 of a year. However, many companies choose the business year for their balance sheet and annual report instead of the calendar year (business year, accounting year: the twelvemonths period for which financial statements are produced, and in relation to which the tax liabilities are calculated). This is mostly due to the seasonality of the business – such as in the tourism industry or in the construction sector – which makes a different accounting period from the calendar year useful and advisable. This shift must always be taken into account in statistical comparisons based on balance sheet data. – Cf. Monthly Report of the Deutsche Bundesbank of December 2012, p. 53 et seq.
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