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Adopting the 52-53 Week Fiscal Year

 
  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
   
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  Article Summary  
In contemporary Western society we are all familiar with the 12-month, 365-day year. This system, known as the Gregorian calendar, was established in 1582 by Pope Gregory XIII to coincide with Earth’s orbit around the Sun. However, while suitable for astronomical purposes, this system is not always best-suited to managing your company's finances.

Instead, many companies are choosing to adopt a 52-53 week fiscal year. With this system, the fiscal year does not span from January 1 to December 31; instead it will end on the same day of the week within a month each year. This results in the fiscal year varying in length between 52 and 53 weeks.

This article discusses the 52-53 week fiscal year, and topics addressed include a description of how the 52-53 week fiscal year works, advantages of this approach, situations where it makes sense, financial management considerations, and steps in making the switch.

The transition to a 52-53 week fiscal year may be done simply and seamlessly. However, as there are a number of IRS tax regulations associated with making such a move, Los Angeles CEOs and CFOs may be interested in consulting with an outside expert such as a CFO services firm that can advise on how to make the transition, or even manage the shift on their behalf.

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