For government-wide reporting, property taxes associated with activities accounted for in governmental funds must be available and measurable to be recorded as revenue.

Question

Quizplus · Accepted Answer

For government-wide financial reporting, there is no reference to the terms measurable and available. Only the period for which levied applies, therefore, for government-wide reporting. If a city levies real property taxes on January 1, 2019 for calendar year 2019, property tax revenues must be recognized in 2019 for the entire amount levied (net of estimated refunds and uncollectible amounts), regardless of when they are collected and even if an enforceable legal claim or the due date arises in a different period.

For Government-Wide Reporting, Property Taxes Associated with Activities Accounted for in Governmental