For purposes of this part, the following definitions shall apply:

1. (a) “Accrual basis” means the basis of accounting under which:

   1. (1) Revenues are recognized in the accounting period in which they are earned and become measurable; and
   2. (2) Expenses, rather than expenditures, are recognized in the period incurred, if measurable; and

2. (b) “Modified accrual basis” means the basis of accounting under which:

   1. (1) Revenues are recognized in the accounting period in which they become available and measurable; and
   2. (2) 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. #4940, eff 9-25-90; ss by #6335, eff 9-24-96; ss by #8179, eff 9-24-04; ss by #10214, eff 10-24-12; ss by #13489, eff 11-15-22 (see Revision Note at chapter heading for Rev 1700)