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i <br /> 1 <br /> (I <br /> TOWN OF MASHPEE, MASSACHUSETTS !� <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE 30, 1986 <br /> expenses are recognized in the accounts and reported in the financial statements <br /> regardless of the measurement focus applied. <br /> The accompanying financial statements have been prepared principally <br /> on the modified accrual basis of accounting. This method recognizes revenues <br /> when they become measurable and available as net current assets. Available !' <br /> means collectible within the current period or soon enough thereafter to pay <br /> current liabilities. Expenditures, other than interest on long—term debt, are <br /> recorded when the liability is incurred, if measurable. <br /> i <br /> I' <br /> 1) Revenue Recognition — For Financial Statement Purposes Only <br /> Real estate and personal property tax levies are recognized when <br /> they become available. Available means due or past due and receivable within the <br /> current period and collected within the current period or expected to be collected j ! <br /> soon enough thereafter to be used to pay liabilities of the current period. Such <br /> time thereafter shall not exceed sixty days. A reserve for estimated abatements <br /> and exemptions is provided for in the levy. No provision is made for possible <br /> uncollectible taxes. <br /> i <br /> In applying the susceptible to accrual concept to intergovernmental <br /> revenues, the legal and contractual requirements of the numerous individual <br /> programs are used as guidance. There are, however, essentially two types of <br /> these revenues. In one, monies must be expended for the specific purpose or on <br /> the specific project before any amounts will be paid to the town; therefore, I �" <br /> revenues <br /> are recognized based upon the expenditures recorded. In the other, <br /> 18 <br />