Basis of Accounting. Unless otherwise specified by the funding source, CONTRACTORS may elect to use either the cash basis or accrual basis of accounting during the year for recording financial transactions. Monthly invoices must be prepared on the same basis that is used for recording financial transactions. The COUNTY recommends the use of the accrual basis for recording financial transactions. Accrual Basis Under the accrual basis for recording financial transactions, revenues are recorded in the accounting period in which they are earned (rather than when cash is received). Expenditures are recorded in the accounting period in which they are incurred (rather than when cash is disbursed).
Basis of Accounting. The financial statements of the Civil Aviation Authority are prepared on the accrual basis under the historic cost convention in accordance with International Financial Reporting Standards.
Basis of Accounting. The Operating Account may be maintained on an accrual basis, that is, costs shall be recorded and entered in the Operating Account when the liability thereto first arises, and revenues shall be recorded and entered in the Operating Account when the title thereto is acquired. However, for the purposes of cost recovery as per Article19 of the Contract, the relevant calculations shall be made on a cash basis, that is, costs shall be considered only when paid and revenues only when collected.
Basis of Accounting. (To report multiple grants, use FFR Attachment) □ Quarterly □ Semi-Annual □ Annual □ Final □ Cash □ Accrual
Basis of Accounting. The methodology and timing of when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Refer to Accrual Basis, Modified Accrual Basis, and Cash Basis. Cash Basis: A basis for accounting whereby revenues are recorded only when received and expenses are recorded only when paid, without regard to the period in which they were earned or incurred. Cash Flow: Cash receipts minus cash disbursements from a given operation or fund for a given period of time. Changes in Net Position: The difference between the net balance from one accounting period to the next. Consultant: An independent individual or entity contracting with an agency to perform a personal service or render an opinion or recommendation according to the consultant’s methods and without being subject to the control of the agency except as to the result of the work. The agency monitors progress under the contract and authorizes payment. Current Assets: Resources that are available, or can readily be made available, to meet the cost of operations or to pay current liabilities. Current Liabilities: Obligations that are payable within one year from current assets or current resources. Current Ratio: A financial ratio that measures whether or not an organization has enough resources to pay its debts over the next 12 months. It compares a firm’s current assets to its current liabilities and is expressed as follows: current ratio = current assets divided by current liabilities. Debt: An obligation resulting from the borrowing of money or from the purchase of goods and services. Debts include bonds, accounts payable, and other liabilities. Refer to Bonds Payable, Accounts Payable, Liabilities, Long‐Term Obligations, and General Long‐Term Obligations.
Basis of Accounting. The financial report has been designed to reflect the transactions of a project on a cash basis, and thus shall include only disbursements made by the Executing Agency and not commitments;
Basis of Accounting. The financial statements of the Civil Aviation Authority are prepared on the accrual basis under the historic cost convention in accordance with International Financial Reporting Standards. Depreciation: Fixed assets, other than land, are depreciated by the straight-line method at the following rates estimated to write off the cost of the assets over their expected useful lives: Buildings, Runways, Apron, Car Parks 20 – 40 years Other Assets 4 – 10 years Foreign currency translation: Assets and liabilities denominated in currencies other than Cayman Islands dollars are translated at exchange rates in effect at the balance sheet dates. Revenue and expense transactions denominated in currencies other than Cayman Islands dollars are translated at exchange rates ruling at the time of those transactions. Xxxxx and losses on exchange are credited or charged in the statement of income.
Basis of Accounting. The Operating Account may be maintained on an accrual basis, that is, costs shall be recorded and entered in the Operating Account when the liability thereto first arises, and revenues shall be recorded and entered in the Operating Account when the title thereto is acquired. However, for the purposes of cost recovery as per Article 19 of the Contract, the relevant calculations shall be made on a cash basis, that is, costs shall be considered only when paid and revenues only when collected. CLAUSE 9. PAYMENT OF PETROLEUM COSTS, SUPPLEMENTARY COSTS AND REMUNERATION Contractor shall, pursuant to Article 19 of the Contract, render to ROC as promptly as practical but not later than forty-five (45) days after the end of the last Month of a Quarter, an invoice of due and payable Petroleum Costs, Supplementary Costs and Remuneration for the Quarter based on the Operating Account and showing the following details:
Basis of Accounting. Contractors may elect to use either the cash basis or accrual basis method of accounting for recording financial transactions. Monthly invoices must be prepared on the same basis that is used for recording financial transactions.
Basis of Accounting. The financial statements of the Trust are prepared on the following basis and are not intended to present financial position and results of operations in conformity with generally accepted accounting principles: - Royalty income is recorded in the month received by the Trustee (Note 3). - Interest income, interest to be received and distribution payable to Unit holders include interest to be earned on royalty income from the monthly record date (last business day of the month) through the date of the next distribution. - Trust expenses are recorded based on liabilities paid and cash reserves established by the Trustee. - Distributions to Unit holders are recorded when declared by the Trustee (Note 3). The most significant differences between the Trust's financial statements and those prepared in accordance with generally accepted accounting principles are i) royalty income is recognized in the month received rather than accrued in the month of production, ii) expenses are recognized when paid rather than when incurred and iii) cash reserves may be established by the Trustee for certain contingencies which would not be recorded under generally accepted accounting principles. The initial carrying value of the Royalty Trust Interests of $61,100,449 was Cross Timbers Oil's historical net book value on February 12, 1991, the date of the transfer to the Trust. Amortization of the Royalty Trust Interests is calculated on a unit-of-production basis and charged directly to trust corpus. Accumulated amortization as of December 31, 1997 and 1996 was $22,996,082 and $19,762,776, respectively.
