“Modified accrual basis of accounting” means the method under which:

1. (a) Revenues are recognized in the accounting period in which they become available and measurable; and
2. (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 Rev 2001.12); ss by #14072, eff 9-10-24 (formerly Rev 2001.15)