FAR — Quick Sheet
Governmental Accounting
Read time: ~5 minutes
One-minute revision
- Governmental funds → modified accrual (measurable + available, ~60-day rule)
- Proprietary & fiduciary funds → full accrual
- Governmental funds: "expenditures," current financial resources focus, no long-term assets/liabilities at fund level
- Government-wide statements: full accrual for everything