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GASB Summaries |
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GASB Summaries |
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Statement No. 22 Accounting for Taxpayer-Assessed Tax Revenues in Governmental Funds STATUS Issue Date: December 1993 Effective Date: For periods beginning after June 15, 1994 Affects: Amends NCGAS 1, paragraph 67 Amends AICPA Audit Guide and SOP 75-3 Affected by: No other pronouncements Primary Codification Section Reference: 1600 Abbreviations for Accounting Pronouncements GASBS - GASB Statements GASBI - GASB Interpretations GASBTB - GASB Technical Bulletins GASBCS - GASB Concepts BFC - Basis for Conclusions NCGAS - NCGA Statements NCGAI - NCGA Interpretations SOP - AICPA Statements of Position ASLGU - AICPA Audit Guide SUMMARY This Statement requires revenue from taxpayer-assessed taxes, such as sales and income taxes, net of estimated refunds, to be recognized in governmental funds in the accounting period in which they become susceptible to accrual-that is, when they become both measurable and available to finance expenditures of the fiscal period. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 1994. Earlier application is encouraged. Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including public benefit corporations and authorities, public employee retirement systems, utilities, hospitals and other healthcare providers, and colleges and universities. Paragraph 2 discusses the applicability of this Statement. Copyright by Governmental Accounting Standards Board. All Rights Reserved. Used by Permission. Click Here for Order Information
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