Accruals Basis definition

Accruals Basis means that basis of accounting under which costs and benefits are regarded as applicable to the period in which the liability for the cost is incurred or the right to the benefit arises regardless of when invoiced, paid or received;
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Accruals Basis means that basis of accounting under which costs and benefits are regarded as applicable to the period in which the liability to the cost is incmred or the right to the benefit arises regardless of when invoiced, paid or received;
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Accruals Basis means the basis of accounting under which costs and benefits are regarded as applicable to the period in which the liability to the costs is incurred or the right to the benefit arises regardless of when invoiced, paid or received and “accrue” and “accrued” shall be construed accordingly;
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Examples of Accruals Basis in a sentence

  • The following link gives a clear explanation of the cash basis: https://www.gov.uk/simpler-income-tax-cash-basis/getting-started Note: if your turnover is more than double the VAT threshold for the year (currently£170,000), you must revert to using the Accruals Basis if you are using the Cash Basis.

  • Paragraphs 25 to 46 provide guidance on the wider factors entities should take into account when preparing financial statements: Going Concern; Accruals Basis of Accounting; Materiality and Aggregation; and Offsetting.

  • The Accruals Basis is the recognition of items as assets, liabilities, income and expenses when they satisfy the definitions and recognition criteria.

  • TheCommission will review the application for registration as a swap data repository within 180 days of the date of the filing of such application.

  • Accounting shall be carried out on an Accruals Basis, provided however that the Cash Basis principle shall be used to record recovery of the Petroleum Costs.

  • The financial statements of extra-budgetary institutions are compiled on the Accruals Basis of Accounting, and therefore, include full details of all non-financial assets held by such institutions.Peer Reviewer One Comment: Peer Reviewer Two Comment:This should be a "d" score.

  • Accruals Basis: The non-cash effects of transactions are included in the financial year in which they occur, not the period in which the cash is paid or received.Going Concern: The functions of the Council and its Group Associates will continue in existence for the foreseeable future.

  • There are generally three different bases which may be used: Cash basis, Accruals Basis and Commitment or Obligation Basis.

  • All academy financial statements are prepared under the Accruals Basis of accounting which requires that income and expense over £1000 must be recognized in the accounting periods to which they relate rather than on cash basis.

  • Fund Account Accruals Basis In accordance with the Code, the Fund’s Financial Statements are generally prepared on an accruals basis.


More Definitions of Accruals Basis

Accruals Basis means that basis of accounting in accordance with generally accepted accounting principles in the United Kingdom under which costs and benefits are regarded as applicable to the period in which the liability to the cost is incurred or the right to the benefit arises regardless of when invoiced, paid or received;
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Related to Accruals Basis

  • Accrual basis means that basis of accounting under which costs and benefits are regarded as applicable to the period in which the liability for the cost is incurred or the right to the benefit arises, regardless of when invoiced, paid, or received.

  • Available Income means the Up-MACRO Available Income or the Down-MACRO Available Income, as applicable.

  • Net earnings available for fixed charges means net income after deducting operating and maintenance expenses, taxes other than federal and state income taxes, depreciation, and depletion, but excluding extraordinary expenses appearing in the regular financial statements of the system.

  • Consolidated Depreciation and Amortization Charges means, for any period, the aggregate of all depreciation and amortization charges for fixed assets, leasehold improvements and general intangibles (specifically including goodwill) as well as impairments thereof and any losses traced to the write-off of goodwill, fixed assets, leasehold improvements and general intangibles associated with the disposal or exiting of a business of the Company or any of its Subsidiaries for such period, all as determined on a Consolidated basis and in accordance with GAAP.

  • Apportionable income means the gross income of the business taxable under the service classifications of a city's gross receipts tax, including income received from activities outside the city if the income would be taxable under the service classification if received from activities within the city, less any exemptions or deductions available.

  • Interest Basis has the meaning given to it in the applicable Final Terms;

  • Current Accrual Rate means, with respect to each Payment Date and any Reference Obligation, the current mortgage rate, less the greater of (i) the related servicing fee rate and (ii) 35 basis points.

  • Annualized Interest Expense means, for the four consecutive quarters ending on each Reporting Date, the Operating Partnership’s Pro Rata Share of interest expense, with other adjustments as are necessary to exclude the effect of items classified as extraordinary items, in accordance with generally accepted accounting principles, reduced by amortization of debt issuance costs and adjusted to reflect the assumption that (i) any interest expense related to indebtedness incurred since the first day of such four-quarter period is computed as if such indebtedness had been incurred as of the beginning of such period, and (ii) any interest expense related to indebtedness that was repaid or retired since the first day of such four-quarter period is computed as if such indebtedness had been repaid or retired as of the beginning of such period (except that, in making such computation, the amount of interest expense related to indebtedness under any revolving credit facility shall be computed based upon the average daily balance of such indebtedness during such four-quarter period).

  • Consolidated Income Available for Fixed Charges means, with respect to any period, Consolidated Net Income for such period plus all amounts deducted in the computation thereof on account of (a) Fixed Charges and (b) taxes imposed on or measured by income or excess profits.

  • Reference Portfolio Return means on any day, the weighted average return of the Reference Assets calculated as the sum of the Weighted Reference Asset Return of each of the Reference Assets comprising the Reference Portfolio.

  • Daily Adjusting LIBOR Rate means, for any day, a per annum interest rate which is equal to the quotient of the following:

  • Consolidated Amortization Expense means, for any period, the amortization expense of Holdings and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.

  • Consolidated Depreciation and Amortization Expense means with respect to any Person for any period, the total amount of depreciation and amortization expense, including the amortization of deferred financing fees of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP.

  • Interest Valuation Date means each date set out in the table below in the column entitled “Interest Valuation Dates”.

  • Pro Forma Cost Savings means, with respect to any four-quarter period, the reduction in net costs and expenses that:

  • Adjusted One Month LIBOR Rate means, an interest rate per annum equal to the sum of (i) 1.00% per annum plus (ii) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day); provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the Screen Rate at approximately 11:00 a.m. London time on such day.

  • Monthly Earnings means your gross monthly income from your Employer, not including shift differential, in effect just prior to your date of disability. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Interest Accrual Period means the period beginning on (and including) the Interest Commencement Date and ending on (but excluding) the first Interest Period Date and each successive period beginning on (and including) an Interest Period Date and ending on (but excluding) the next succeeding Interest Period Date.

  • Annualized Consolidated EBITDA means, for any quarter, the product of Consolidated EBITDA for such period of time multiplied by four (4).

  • Imbalance Charges means any fees, penalties, costs or charges (in cash or in kind) assessed by a Transporter for failure to satisfy the Transporter's balance and/or nomination requirements.

  • Interest Accrual Date means with respect to any Security, the date the Company accepts funds for the purchase of the Security if such funds are received by 3:00 p.m. (EDT) on a Business Day, or if such funds are not so received, on the next Business Day.

  • Weekly Earnings means your gross weekly income from your Employer, not including shift differential, in effect just prior to your date of disability. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Consolidated Income Available for Debt Service for any period means Earnings from Operations of the Company and its Subsidiaries plus amounts which have been deducted, and minus amounts which have been added, for the following (without duplication): (i) interest on Indebtedness of the Company and its Subsidiaries, (ii) provision for taxes of the Company and its Subsidiaries based on income, (iii) amortization of debt discount, (iv) provisions for gains and losses on properties and property depreciation and amortization, (v) the effect of any noncash charge resulting from a change in accounting principles in determining Earnings from Operations for such period and (vi) amortization of deferred charges.