So it is basically a financial period of 12 months, which may or may not coincide with a calender year, is this right?

Yes, that's correct. A fiscal year is a financial period of 12 months that may or may not coincide with the calendar year. It is used by companies and governments for financial reporting, budgeting, and tax purposes. The fiscal year is chosen based on the specific needs of the entity, such as aligning with the business cycle or tax reporting obligations, and can start and end at different times of the year.