Fiscal and financial year are used interchangeably and mean the year (365 days) measured from the time the business officially opened for business. It may be any 12 month period that does not necessarily have to begin on January 1st...it can begin on any date. Eg. August 12, 2013 to August 11, 2014 is a fiscal year. The calendar year on the other hand is the period January 1st to December 31st of a given year.