AX 2012 Fiscal Calendars and Fiscal years

Hello,

In AX 2012, is it best to create a new fiscal calendar for each new year, or is it best to create a new fiscal year in one fiscal calendar for each new year?  What would be the advantages/disadvantages of both ways?

I have received suggestions to do both options from two different consutants and was wondering if others have opinions.

Thank you,

Dan