This Interpretation amends NCGA Interpretation 3, Revenue Recognition—Property Taxes, by modifying the definition of available as the term relates to property tax revenue recognition using the modified accrual basis of accounting. The effect of this amendment is to remove the "due" consideration from the definition of available established in NCGA Interpretation 3. It does not, however, change the stipulation that the collection period after year-end shall not exceed sixty days.
The provisions of this Interpretation are effective for financial statements for periods beginning after June 15, 2000. Earlier application is encouraged.
Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including general purpose governments, public benefit corporations and authorities, public employee retirement systems, utilities, hospitals and other healthcare providers, and colleges and universities. Paragraph 2 discusses the applicability of this Interpretation.