Core TSIs : Lease Accounting : Lease accounting concepts : End of year selection
End of year selection
In a 4-4-5 calendar, the end of year is always the end of a week, either a Friday, a Saturday or a Sunday. It is therefore necessary to determine which rule to apply when these days do not coincide with the fiscal end of year.
The end of year is either the Last Friday/Saturday/Sunday, or the Friday/Saturday/Sunday Nearest to the end of year. In the following example the fiscal end of year is 31 December, the end day of the week is Saturday:
Example of last and nearest in end of year selectionExample of last and nearest in end of year selection
In this example, the Last Saturday is 26-December and the Nearest Saturday is 02-January
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When using the calendar setting Strict 52, the end of year is always the last day of the month, typically 31 December.