§ 521.3. Accounting basis.
The report shall be prepared on the accrual basis of accounting. Under the accrual basis of accounting, revenue is recorded in the period when it is earned, regardless of when it is collected, and expenses are recorded in the period when they are incurred, regardless of when they are paid. Particular attention shall be given to an accurate accrual of all costs at the close of the period for the equitable distribution of costs to the period applicable. Significant costs to be considered shall include, but not be limited to, employe payrolls, bonuses, and professional fees. Care shall be given to the proper allocation of costs for service and maintenance contracts to the period covered by such contracts.
No part of the information on this site may be reproduced for profit or sold for profit.
This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.
