Modified Accrual Basis of Accounting

The modified accrual basis of accounting is used with the current financial resources measurement focus and is a blend of accrual and cash basis accounting concepts into an entirely different basis of accounting. Revenue is recognized when measurable and available to finance the expenditures of the current period. Expenditures are generally recorded when the related fund liability is incurred. The modified accrual basis of accounting is used by GRASPP funds. See also full accrual basis of accounting and current financial resources measurement focus.