Summary of Statement No. 22

Statement No. 22
Accounting for Taxpayer-Assessed Tax Revenues in Governmental Funds
(Issued 12/93)


This Statement requires revenue from taxpayer-assessed taxes, such as sales and income taxes, net of estimated refunds, to be recognized in governmental funds in the accounting period in which they become susceptible to accrual-that is, when they become both measurable and available to finance expenditures of the fiscal period.

The provisions of this Statement are effective for financial statements for periods beginning after June 15, 1994. Earlier application is encouraged.

Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including 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 Statement.