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Indian River County, Florida <br /> Notes to Schedule of Expenditures of Federal <br /> Awards and State Projects <br /> Year Ended September 30, 2002 <br /> NOTE 1 - SUMMARY OF SIGNIFICANTACCOUNTING POLICIES <br /> The accounting policies and presentation of the Single Audit Report of Indian River County, Florida, <br /> (the "County") have been designed to conform to generally accepted accounting principles as applicable to <br /> governmental units , including the reporting and compliance requirements of the Audits of States , Local <br /> Governments , and Non-Profit Organizations and Office of Management and Budget Circular A - 133 . <br /> A. Reporting Entity <br /> The reporting entity consists of Indian River County, the primary government, and each of its component <br /> units . The County includes a Schedule of Expenditures of Federal Awards and State Projects in the Compli - <br /> ance Section. <br /> B . Basis of Accounting <br /> Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts <br /> and reported in the financial statements . Basis of accounting relates to the timing of the measurements <br /> made , regardless of the measurement focus . <br /> The modified accrual basis of accounting is followed in the Schedule of Expenditures of Federal Awards <br /> and State Projects . Under the modified accrual basis , revenues are recognized when they become measur- <br /> able and available . Revenues are considered to be available when they are collectible within the current <br /> period or soon enough thereafter to pay liabilities of the current period . For this purpose, the County con- <br /> siders revenues to be available if they are collected within 40 days after the end of the current fiscal period . <br /> Expenditures generally are recorded when a liability is incurred, as under accrual accounting . <br /> 186 <br />