GASB standards for property tax revenue recognition under the modified accrual basis of accounting provide that revenue is permitted to be recorded if the expected amount to be collected can be determined and collection is reasonably assured, even if the taxes are expected to be collected more than 60 days after the fiscal year end.

Question

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GASB standards require property taxes expected to be collected within 60 days of year end to be included in revenues of the year assessed. Taxes expected to be collected later than 60 days after year-end are deferred and recognized as revenue in the following year.

GASB Standards for Property Tax Revenue Recognition Under the Modified