Question
Why do governmental funds recognize property-tax revenue differently from government-wide statements?
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Answer
Governmental funds use modified accrual and require revenue to be measurable and available.
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Question
Why is the modified approach allowed for infrastructure assets?
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Answer
If the government maintains the assets at a disclosed condition level, depreciation is not required.
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Question
How is net pension liability calculated?
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Answer
Total pension liability minus plan fiduciary net position.
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Question
Why are interfund services treated differently from interfund transfers?
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Answer
Interfund services are reciprocal; transfers are nonreciprocal.
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