N.H. Admin. Code § Rev 1702.03

Current through Register No. 1, January 2, 2025

Section Rev 1702.03 - Use of Accrual Basis of Accounting

(a) Municipalities shall use the accrual basis for:

(1) Proprietary funds;

(2) Non-expendable trust funds;

(3) Pension trust funds; and

(4) Deferred compensation plan and other employee benefit trust funds.

(b) Under the accrual basis transactions shall be classified by fund and for:

(1) Revenues recognized in the accounting period in which they are earned and become measurable.

(2) Expenses, rather than expenditures, recognized in the period incurred, if measurable; and

(3) Balance sheet by balance sheet account.

N.H. Admin. Code § Rev 1702.03

#4940, eff 9-25-90; ss by #6126, eff 11-23-95; ss by #6335, eff 9-24-96; ss and moved by #8179, eff 9-24-04 (from Rev 1702.02 ); ss by #10214, eff 10-24-12

Amended by Volume XLII Number 49, Filed December 8, 2022, Proposed by #13489, Effective 11/15/2022, Expires 11/15/2032 (see Revision Note at chapter heading for Rev 1700)