If property taxes levied for the current fiscal year are not collected until after the first 60 days of the next fiscal year, they should be reported as deferred inflows of resources in the current fiscal year balance sheet. (Assume this is accounted for in the General Fund.)

Question

Quizplus · Accepted Answer

Such property taxes are not available to pay liabilities of the current period and should be reported as deferred inflows of resources. Deferred inflows of resources refer to a government's acquisition of net assets that is applicable to a future reporting period.

If Property Taxes Levied for the Current Fiscal Year Are