Happy new financial year to those whose ledgers turned a new page yesterday. Let's all hope that the year ahead has more black ink than red - and more than last year. And while some begin a new financial cycle, it's probably opportune to wonder why the business year is so unsynchronised. Until 1976, the US financial year started on July 1. However, the calendar has been changed, with the fiscal cycle starting on October 1 since '76. In the UK, Canada, Hong Kong, India and Japan, the financial year starts on April 1. Sure, this spreads out the reporting cycle for the accounting profession and the financial media, but it must be a nightmare for multinationals whose divisions will always be out of step with each other.