solar year. Pragmatic divisions Financial and scientific calculations often use a 365-day calendar to simplify daily rates. Fiscal year A fiscal year or financial year is a 12-month period used for calculating annual financial statements in businesses and other organizations. In many jurisdictions, regulations regarding accounting require such reports once per twelve months, but do not require that the twelve months constitute a calendar year. For example, in Canada and India the fiscal year runs from April 1; in the United Kingdom it runs from April 1 for purposes of corporation tax and government financial statements, but from April 6 for purposes of personal taxation and payment of state benefits; in Australia it runs from July 1; while in the United States the fiscal year of the federal government runs from October 1. Academic year An academic year is the annual period during which a student attends an educational institution. The academic year may be divided into academic terms, such as semesters or quarters. The school year in many countries starts in August or September and ends in May, June or July. In Israel the academic year begins around October or November, aligned with the second month of the Hebrew calendar. Some schools in the UK, Canada and the United States divide the academic year into three roughly equal-length terms (called trimesters or quarters in the United States), roughly coinciding with autumn, winter, and spring. At some, a shortened summer session, sometimes considered part of the regular academic year, is attended by students on a voluntary or elective basis. Other schools break the year into two main semesters, a first (typically August through December) and a second semester (January through May). Each of these main semesters may be split in half by mid-term exams, and each of the halves is referred to as a quarter (or term in some countries). There may also be a voluntary summer session and/or a short January session. Some other schools, including some in the United States, have four marking periods. Some schools in the United States, notably Boston Latin School, may divide the year into five or more marking periods. Some state in defense of this that there is perhaps a positive correlation between report frequency and academic achievement. There are typically 180 days of teaching each year in schools in the US, excluding weekends and breaks, while there are 190 days for pupils