N.H. Admin. Code § Rev 2202.02

Current through Register No. 50, December 12, 2024

Section Rev 2202.02 - Basis of Accounting

(a) Counties shall use the accrual basis of accounting for:

(1) Proprietary funds;

(2) Non-expendable trust funds; and

(3) Pension 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) Counties shall, for purposes of filing Form MS-45, "New Hampshire annual county financial report", 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 2202.02

#5455, eff 8-28-92; ss by #6808, eff 7-21-98; ss by #8687, eff 7-21-06

Amended byVolume XXXIV Number 33, Filed August 14, 2014, Proposed by #10652, Effective 8/8/2014, Expires8/8/2024.