Summary of Significant Accounting Policies Basis of Accounting – Basis of accounting refers to the time when revenues and expenditures are recognized in the accounts and reported in the financial statements. Basis of accounting is related to the timing of the measurement made, regardless of the measurement focus applied. The cash basis of accounting is followed by all funds of <INSERT THE NAME OF THE GOVERNMENT>, which is a special purpose framework of accounting other than generally accepted accounting principles (GAAP) as established by the Governmental Accounting Standards Board (GASB). Under the cash basis of accounting, revenues are recorded when received and expenditures are recorded when paid. In accordance with GAAP, governmental fund types utilize the modified accrual basis of accounting, while the remainder of the funds and the government-wide financial statements utilize the full accrual basis of accounting. Major differences between the presentation contained in this annual financial report and GAAP include revenue and expense (or expenditure) recognition, the lack of: Receivables,  Capital and other long-term assets,  Deferred outflows of resources,  Liabilities,  Deferred inflows of resources,  Long term liabilities including debts of all types including leases, net pension liabilities and net  other post-employment benefit obligations. The quantitative differences between GAAP and what is presented in the <INSERT THE NAME OF THE GOVERNMENT>’s annual financial report is not available.
Summary of Significant Accounting Policies – Basis of Accounting Basis of accounting refers to the time when revenues and expenditures are recognized in the accounts and reported in the financial statements. Basis of accounting is related to the timing of the measurement made, regardless of the measurement focus applied. The cash basis of accounting is followed by all funds of <INSERT THE NAME OF THE GOVERNMENT>, which is a special purpose framework of accounting other than generally accepted accounting principles (GAAP) as established by the Governmental Accounting Standards Board (GASB). Under the cash basis of accounting, revenues are recorded when received and expenditures are recorded when paid. In accordance with GAAP, governmental fund types utilize the modified accrual basis of accounting, while the remainder of the funds and the government-wide financial statements utilize the full accrual basis of accounting. Major differences between the presentation contained in this annual financial report and GAAP include revenue and expense (or expenditure) recognition, the lack of:  Receivables,  Capital and other long-term assets,  Deferred outflows of resources,  Liabilities,  Deferred inflows of resources,  Long term liabilities including debts of all types including leases, net pension liabilities and net other post-employment benefit obligations. The quantitative differences between GAAP and what is presented in the <INSERT THE NAME OF THE GOVERNMENT>’s annual financial report is not available.