Core TSIs : Lease Accounting : Lease accounting concepts : End of year selection
End of year selection
In a 4–4–5 calendar, the financial year always ends at the close of a week. The year-end date therefore falls on a Friday, Saturday, or Sunday. Organizations must define which rule determines the exact year-end date when the calendar year end does not align with the fiscal structure.
Two standard approaches exist:
• The last Friday, Saturday, or Sunday of the year
• The Friday, Saturday, or Sunday nearest to the end of the year
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
* 
When using the calendar setting Strict 52, the end of year is always the last day of the month, typically 31 December.