### Question
What is the definition of modified accrual accounting standards?


### Answer
The definition of **modified accrual accounting standards** is as follows in *48 U.S.C. § 2104*:

> recognizing revenues as they become available and measurable and recognizing expenditures when liabilities are incurred, in each case as defined by the Governmental Accounting Standards Board, in accordance with generally accepted accounting principles

#### Citation:
  - *48 U.S.C. § 2104*
  - Heading: **CHAPTER 20-PUERTO RICO OVERSIGHT, MANAGEMENT, AND ECONOMIC STABILITY**

