Laserfiche WebLink
i <br /> 3. Summary of Significant Accounting Policies ' <br /> Accounting policies and financial reporting practices permitted for <br /> municipalities in Massachusetts are prescribed by the Uniform Municipal <br /> Accounting System (UMAS) promulgated by the Commonwealth of Massachusetts <br /> Department of Revenue. The significant accounting policies followed by the Town <br /> are as follows: <br /> Basis of Presentation <br /> The accompanying schedule of federal financial assistance includes the <br /> federal grant transactions of the Town. <br /> The receipts and proceeds from federal grants are recorded on the modified <br /> accrual basis whereby revenue is recognized when it becomes available and : <br /> measurable. Disbursements of federal grant funds are recorded -on the accrual <br /> basis. <br /> 4. Findings of Noncompliance <br /> The findings of noncompliance identified in connection with the 1986 single +a{ <br /> audit are disclosed in Schedule I. The status of findings of noncompliance <br /> identified in connection with fiscal year 1985 are presented in Schedule II. , ': : <br /> 44 <br />