Different countries have periods defined as a financial year. e.g. In India its April to March, In US its Jan to Dec. Typically budget/taxes planning is easier to do for a financial year and then all reports, budget analysis, YTD calculations should be seen in context of the financial year.

There should be a feature to define financial year for the user (or decide based on country selection) and then the reports should treat the year period equivalent to the financial year instead of calendar year.