Modified accrual basis of accounting definition

Modified accrual basis of accounting means a basis of accounting, commonly used by government agencies, that recognizes revenues when they become available and measurable and recognizes expenditures when liabilities are incurred.
Sample 1Sample 2Sample 3
Modified accrual basis of accounting means a method under which expenditures
Sample 1Sample 2Sample 3
Modified accrual basis of accounting means a method under which expenditures other than accrued interest on general long-term debt are recorded at the time liabilities are incurred and revenues are recorded when they become measurable and available to finance expenditures of the current period.
Sample 1Sample 2Sample 3

Examples of Modified accrual basis of accounting in a sentence

  • Modified accrual basis of accounting recognizes revenues in the period in which they become available and measurable.

  • In the fund financial statements, governmental funds are presented using the Modified- accrual basis of accounting.

  • Modified accrual basis of accounting requires the inclusion of short-term accruals of normal operating expenditures in the determination of operating results for a given time period.

  • Modified accrual basis of accounting is used by all governmental funds in the fund financial statements.

  • Modified accrual basis of accounting will be followed by the governmental funds and agency funds with revenues recognized when measurable and available and expenditures recognized when incurred, with the exception of interest on long- term debt, which is recognized when due.

  • The third parcel is a proposed office building, which should begin construction after the hotels are in operation.

  • Modified accrual basis of accounting is adopted where all expenses shall be recognized when incurred and reported in the financial statements in the period to which they relate while income is on accrual basis except for transactions where accrual basis except for transactions where accrual basis is impractical.

  • Modified accrual basis of accounting is followed by the governmental funds and agency funds with revenues recognized when measurable and available and expenditures recognized when the liability is incurred.

  • The University also ran 123 visits to schools, including general HE talks, Careers Fairs and Parents’ evenings.

  • Modified accrual basis of accounting and current financial resources measurement focus are used in connection with the governmental funds (GRaSPP).


More Definitions of Modified accrual basis of accounting

Modified accrual basis of accounting means a basis of accounting,
Sample 1Sample 2Sample 3
Modified accrual basis of accounting means a method under which expenditures 621 other than accrued interest on general long-term debt are recorded at the time liabilities are
Sample 1Sample 2
Modified accrual basis of accounting means the basis of
Sample 1Sample 2Sample 3
Modified accrual basis of accounting means the basis of accounting under which revenues are recognized when susceptible to accrual that is, when they become both measurable and available. For purposes of this subdivision "measurable" means when the amount of the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recorded when the related fund liability is incurred. Principal and interest on general long-term debt are recorded as fund liabilities when due.
Sample 1Sample 2
Modified accrual basis of accounting means a basis of accounting, commonly used by government agencies, that recognizes revenues
Sample 1Sample 2
Modified accrual basis of accounting means a method under which expenditures other than accrued interest on general long-term debt are recorded at the time liabilities are incurred and revenues are recorded when they become measurable and available
Sample 1

Related to Modified accrual basis of accounting

  • Agreement Accounting Principles means generally accepted accounting principles as in effect from time to time, applied in a manner consistent with those used in preparing the financial statements referred to in Section 5.5.

  • Annual Accounting Period or “Financial Year” means the period commence on 1st July and shall end on 30th June of the succeeding calendar year.

  • Floating Profit/Loss means current profit/loss on Open Positions calculated at the current Quotes.

  • Generally Accepted Accounting Principles means the standards for accounting and preparation of financial statements established by the Federal Accounting Standards Advisory Board (or its successor agency) or any successor standards adopted pursuant to relevant SEC rule.

  • Established Rate means the rate for the conversion of the Specified Currency (including compliance with rules relating to roundings in accordance with applicable European Community regulations) into euro established by the Council of the European Union pursuant to Article 123 of the Treaty;

  • UK generally accepted accounting principles and practices means the principles and practices prevailing from time to time in the United Kingdom which are generally regarded as permissible or legitimate by the accountancy profession irrespective of the degree of use.

  • Fixed GAAP Terms means (a) the definitions of the terms “Capitalized Lease Obligation,” “Consolidated Interest Expense,” “Consolidated Net Income,” “Consolidated Net Tangible Assets,” “Consolidated Total Assets,” “Consolidated Senior Secured Net Debt Ratio,” “Consolidated Total Net Debt Ratio,” “Consolidated Total Indebtedness,” “Consolidated EBITDA” and “Indebtedness,” (b) all defined terms in this Indenture to the extent used in or relating to any of the foregoing definitions, and all ratios and computations based on any of the foregoing definitions, and (c) any other term or provision of this Indenture or the Notes that, at the Issuer’s election, may be specified by the Issuer by written notice to the Trustee from time to time; provided that the Issuer may elect to remove any term from constituting a Fixed GAAP Term.

  • Central Automatic Message Accounting (CAMA) Trunk means a trunk that uses Multi-Frequency (MF) signaling to transmit calls from CLEC’s switch to an AT&T-21STATE E911 Selective Router.

  • Interest Calculation Period means the period or periods for the calculation of the interest shown on the mortgage form;

  • Accounting Date means the thirtieth day of June in each year and any interim date on which the financial statements of the Trust are drawn up. Provided that the Management Company may, with the written consent of the Trustee and after obtaining approval from the Commission and the Commissioner of Income Tax may change such date to any other date and such change shall be intimated to the Commission.

  • Computation Date is defined in Section 2.04.

  • Accounting Year means the financial year commencing from the first day of April of any calendar year and ending on the thirty-first day of March of the next calendar year;

  • Debt Service Reserve Requirement means, as of any date of calculation, and for any Fiscal Year, the amount equal to the maximum Adjusted Aggregate Debt Service on Bonds in the current or any future Fiscal Year on all Bonds Outstanding; provided, however, that if, upon the issuance of a Series of Bonds, such amount would require moneys, in an amount in excess of the maximum amount permitted under the Code to be deposited therein from the proceeds of such Bonds, to be deposited therein, the Debt Service Reserve Requirement shall mean an amount equal to the sum of the Debt Service Reserve Requirement immediately preceding issuance of such Bonds and the maximum amount permitted under the Code to be deposited therein from the proceeds of such Bonds, as certified by an Authorized Representative of the Authority; provided, further, that, if (i) the payment of the Principal Installments of or interest on any Series of Bonds or portion thereof is secured by a Special Credit Facility, (ii) the payment of the Tender Option Price of any Option Bond of a Series is secured by a Special Credit Facility or (iii) the Authority has determined in a Supplemental Resolution authorizing the issuance of a Series of Bonds that such Series of Bonds will not be secured by the Common Account in the Debt Service Reserve Fund, the Supplemental Resolution authorizing such Series may specify the Debt Service Reserve Requirement, if any, for the Bonds of such Series: provided, further, that if, as a result of the expiration or termination of a Financial Guaranty, a deficiency shall be created in the Debt Service Reserve Fund, the Debt Service Reserve Requirement shall be calculated so as to exclude the amount of such deficiency and the Debt Service Reserve Requirement shall be increased in each of the five Fiscal Years after the date such deficiency was created by an amount equal twenty per centum (20%) of the aforesaid deficiency.For the purpose of calculating the Debt Service Reserve Requirement for any Variable Rate Bonds of a Series, the maximum Adjusted Debt Service on such Series shall be determined by reference to the Pro Forma Bond Issue for the Variable Rate Bonds of such Series set forth in the Supplemental Resolution authorizing such Series.