First Tier
Fiscal Year (FY)
An annual period established for accounting purposes. Through FY 1979-80 the Nigerian government's fiscal year ran from April 1 to the following March 31. The latter fiscal year was succeeded by a nine-month FY 1980 that ende December 31, 1980. From January 1, 1981, the fiscal year was made equivalent to the calendar year.
Fixed Charge
Created by using tangible assets (e.g land, building, ships, etc) to secure a loan. In the event of winding-up (bankruptcy) the debenture holder with a fixed charge is a secure creditor.
Floating Charge
An equitable charge on a company’s undertakings and assets, including cash and uncalled capital of the company. The principal characteristic of this is that it does not become effective until the company is wound-up.
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