Tax receivable: Are you reporting it correctly?

A pile of money and the word tax written on tiles.Are you reporting property, sales and other taxes in the correct period? Our Office recently found that some local governments were reporting these taxes when the cash was received, causing errors on the financial statements. Governmental Accounting Standards Board (GASB) Statement 33 – Accounting and Financial Reporting for Nonexchange Transactions provides guidance on reporting these revenue streams in the correct period.

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