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TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE 30, 1987 <br /> During 1981, the Commonwealth of Massachusetts issued a revised uniform <br /> municipal accounting system entitled "U.M.A.S." The departures from G.A.A.P. <br /> under this revised system have been significantly narrowed. The town plans to <br /> adopt the revised U.M.A.S. for its financial statements presentation in the <br /> future. <br /> We have prepared the town's financial statement for this year ended in <br /> conformity with generally accepted accounting principles. <br /> The significant departures from G.A.A.P. included in the Town of Mashpee's <br /> financial statements are: <br /> a. Retirement benefits are provided for on.a "pay-as- . <br /> you-go" basis rather than an acceptable actuarial <br /> cost method (See Note 10). <br /> b. General fund fixed asset acquisitions are recorded <br /> as expenditures at the time purchases are made <br /> rather than being capitalized in a general fixed <br /> asset group of accounts. <br /> C. Purchases for materials and supplies inventories <br /> are recorded as expenditures rather than assets <br /> at the time of purchase. <br /> d. The town has not determined or recorded the <br /> accumulated cost of vested vacation and sick <br /> leave benefits for town employees. (See Note 13.) <br /> 3. Budgetary Data <br /> Budgetary data is based upon accounting principles that differ from gene- <br /> rally accepted accounting principles. Therefore, in addition to the GAAP basis <br /> financial statements, the results of the general fund are presented in accordance <br /> with budgetary accounting principles to provide a meaningful comparison with the <br /> budget. The following reconciliation summarizes the differences between GAAP and <br /> 21 <br />