N.H. Admin. Code § Rev 2002.02

Current through Register No. 1, January 2, 2025

Section Rev 2002.02 - Basis of Accounting

(a) Village districts shall use the accrual basis of accounting 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 of accounting, transactions shall be classified by fund and for:

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

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

(c) Village districts shall, for purposes of filing Form MS-35, "Financial Report of the Village District Budget", 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.

(d) Under the modified accrual basis of accounting, 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.

N.H. Admin. Code § Rev 2002.02

#5454, eff 8-28-92; ss by #6809, eff 7-21-98; ss by #8686, eff 7-21-06

Amended byVolume XXXIV Number 41, Filed October 9, 2014, Proposed by #10675, Effective 9/24/2014, Expires9/24/2024.