Discover Financial Services (DFS) is moving its fiscal year.
The Riverwoods, Ill.-based credit card issuer said Monday that its board has approved a change in the company's fiscal yearend from Nov. 30 to Dec. 31 of each year.
Starting in 2013, Discover's fiscal year will begin on Jan. 1 and end on Dec. 31, the company said in a filing with the Securities Exchange Commission.
"We wanted to get more alignment with the regulatory-capital process," Discover spokesman Jon Drummond says. "The other reason is that it gives us efficiencies in our reporting with regulatory bodies, including the SEC."
"When you have to report and you're off year, it's just harder," Drummond says.
Discover announced Wednesday it will report its financial results for its fiscal fourth quarter of 2012 on Dec. 20. The company expects to include results for the month of December in both its first quarterly securities filing of 2013 and in its annual report for the year ending Dec. 31, 2013.
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