354.550 - “Modified accrual basis” defined.
354.550 “Modified accrual basis” defined. “Modified accrual basis” means the basis of accounting under which expenditures other than accrued interest on general long-term debt are recorded at the time liabilities are incurred and revenues are recorded when they become measurable and available to finance expenditures of the fiscal period.
(Added to NRS by 1965, 729; A 1971, 183; 1981, 1763)