Fiscal calendar definitions are based on company financial reporting requirements and can start on any date. Weeks In fiscal calendars have seven days. The 12-month reporting period includes two months of four weeks and one month of five weeks, in a repeated three-month quarterly pattern, (4-4-5, 4-5-4, or 5-4-4 weeks). If the year has 53 weeks, one month can have an extra week.
The week definition determines how to divide the calendar year into weeks. You can adjust the week definition to make a 52 week or 53 week year. Time depths are year, semester, trimester, quarter, month, week, and day.