Effective Jul 16, 2024#5455, eff 8-28-92; ss by #6808, eff 7-21-98; ss by #8687, eff 7-21-06; ss by #10652, eff 8-8-14; ss by #14027, eff 7-16-24Department of Revenue Administration
"Accrual basis of accounting" means the method under which:
(a) Revenues are recognized in the accounting period in which they are earned and become measurable; and
(b) Expenses are recognized in the period incurred, if measurable.
Source. #5455, eff 8-28-92; ss by #6808, eff 7-21-98; ss by #8687, eff 7-21-06; ss by #10652, eff 8-8-14; ss by #14027, eff 7-16-24