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.

Modified accrual basis of accounting means a method under which expenditures

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.

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 is used by all governmental funds in the fund financial statements.

• 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 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,

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

Modified accrual basis of accounting means the basis of

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.

Modified accrual basis of accounting means a basis of accounting, commonly used by government agencies, that recognizes revenues

Modified accrual basis of accounting means the basis of accounting used in conjunction with the current financial resources measurement focus that modifies the accrual basis of accounting in two important ways: revenues are not recognized until they are measurable and available, and expenditures are recognized in the period in which governments in general normally liquidate the related liability rather than when that liability is first incurred (if earlier).

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