Sec. 2266.052. STATUTORY MODIFIED ACCRUAL BASIS. (a) In this state, a statutory modified accrual basis qualifies as an other comprehensive basis of accounting that recognizes revenue when it is measurable and available to finance current expenditures and recognizes expenditures when they are normally expected to be liquidated with current financial resources regardless of when they mature.
(b) This state and its political subdivisions may account for and report selected types of financial activities on a statutory modified accrual basis for government-wide and fund-level internal and external financial statement reporting.
Added by Acts 2007, 80th Leg., R.S., Ch. 1224 (H.B. 2365), Sec. 2, eff. June 15, 2007.
Renumbered from Government Code, Section 2264.052 by Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969), Sec. 27.001(49), eff. September 1, 2009.Section: Previous 2266.001 2266.002 2266.051 2266.052 2266.053 2266.101 2266.102 2266.103 2266.104 2266.105 2266.106 Next
Last modified: September 28, 2016