Rev 2001.16

"Modified accrual basis of
accounting" means the method under which:
(a) Revenues are recognized in the
accounting period in which they become available and measurable; and
(b) Expenditures, rather than expenses, are
recognized in the accounting period in which the fund liability is incurred, if
measurable, except for unmatured interest on general
long-term debt.
Source. #6809, eff 7-21-98; ss by #8686, eff 7-21-06;
ss by #10675, eff 9-24-14 (from