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Form990EZShort Form Return of Organization Exempt From Income TaxOMB No. 15450047Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private foundations) aDepartment of the Treasury Internal Revenue ServiceGo to www.irs.gov/Form990EZ for instructions and the latest information.A For the 2021 calendar year, or tax year beginning C Name of organization B Check if applicable: Address change Name change, 2021, and endingFinal return/terminated Amended return Application
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How to fill out modified accrual
How to fill out modified accrual
01
Identify the governmental entity for which the modified accrual basis is being prepared.
02
Gather relevant financial data such as revenues and expenditures that pertain to the current accounting period.
03
Record revenues when they are both measurable and available to finance expenditures of the current period.
04
Recognize expenditures when a liability is incurred, regardless of when it will be paid.
05
Establish a budgetary control process to ensure expenditures do not exceed approved budgets.
06
Adjust entries to account for deferred inflows and outflows, which may affect the recognition of revenues and expenditures.
07
Prepare the financial statements reflecting the modified accrual basis, ensuring that the balance sheets and statements of revenues, expenditures, and changes in fund balances are aligned with the modified accrual principles.
Who needs modified accrual?
01
State and local governments that prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP).
02
Entities that need to demonstrate compliance with budgetary and legal requirements.
03
Public sector organizations that deal with non-exchange transactions, such as taxes and grants.
04
School districts, municipalities, and other public entities that manage funds subject to restrictions.
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What is modified accrual?
Modified accrual is an accounting method that combines elements of both cash basis and accrual accounting. It recognizes revenue when it is measurable and available and expenses when they are incurred, allowing for a more accurate representation of financial activity within a specific period.
Who is required to file modified accrual?
Generally, modified accrual accounting is required for state and local governments, as well as governmental entities that operate under the Governmental Accounting Standards Board (GASB) standards.
How to fill out modified accrual?
To fill out modified accrual, organizations must record revenues when they are earned and measurable and when they are available to finance current expenditures. Expenses are recorded when liabilities are incurred, rather than when payment is made.
What is the purpose of modified accrual?
The purpose of modified accrual is to provide a more accurate measure of the financial position of governmental entities by recognizing revenues and expenditures in the period they occur, thus enhancing accountability and transparency.
What information must be reported on modified accrual?
Information that must be reported on modified accrual includes revenues earned and available for spending, expenditures incurred during the period, and the overall financial position of the governmental entity as reflected in its financial statements.
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