[1] This method is known as the 4-4-5 calendar in British and Commonwealth usage and the 52–53-week fiscal year in the United States.
In the United States the method is permitted by generally accepted accounting principles, as well as by US Internal Revenue Code Regulation 1.441-2 [2] (IRS Publication 538).
Any day of the week may be used, and Saturday and Sunday are common because the business may more easily be closed for counting inventory and other end-of-year accounting activities.
At that point it resets to the end of the month (August 31) and the fiscal year has 53 weeks instead of 52.
The 52–53 week method is permitted by generally accepted accounting principles in the United States, by US Internal Revenue Code Regulation 1.441-2 [5] (IRS Publication 538).,[6] as well as the International Financial Reporting Standards.