New Hampshire Code of Administrative Rules
Rev - Department of Revenue Administration
Chapter Rev 1700 - FINANCIAL ACCOUNTING FOR CITIES, TOWNS, AND UNINCORPORATED TOWNS
Part Rev 1702 - METHOD AND BASIS OF ACCOUNTING AND GENERALLY ACCEPTED ACCOUNTING PRINCIPLES FOR MUNICIPALITIES
Section Rev 1702.04 - Use of Modified Accrual Basis of Accounting
Universal Citation: NH Admin Rules Rev 1702.04
Current through Register No. 12, March 21, 2024
(a) Municipalities shall use the modified accrual basis of accounting for all:
(1) Governmental funds;
(2) Transfers to and expenditures from
capital reserve funds and expendable trust funds; and
(3) Fiduciary funds.
(b) Under the modified accrual basis, transactions shall be classified by fund and for:
(1) Revenues recognized in the accounting
period in which they become available and measurable; and
(2) Expenditures, rather than expenses,
recognized in the accounting period in which the fund liability is incurred, if
measurable, except for unmatured interest on general long term debt.
(c) Municipalities shall, for purposes of filing Report MS-535, "Financial Report of the Budget," use the modified accrual basis for all:
(1)
Governmental funds;
(2) Transfers
to and expenditures from capital reserve funds and expendable trust funds;
and
(3) Fiduciary funds.
(d) Under the modified accrual basis, transactions shall be classified by fund and for:
(1) Revenue by revenue source;
(2) Expenditure by function; and
(3) Balance sheet by balance sheet
account.
#8179, eff 9-24-04 (from Rev 1702.03 ); ss by #10214, eff 10-24-12
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