10.10.404    BASIS OF ACCOUNTING

(1) All school districts will use the generally accepted basis of accounting for each fund as set forth by the Governmental Accounting Standards Board to measure the district's financial position and results of financial operations. School districts shall be permitted to maintain the accounting system on the cash basis during the year. However, all adjusting entries required to convert the accounting system to the modified accrual or full accrual basis of accounting must be recorded prior to the year-end closing of the accounts.

History: 20-9-102, 20-9-201, MCA; IMP, 20-9-201, MCA; NEW, 1990 MAR p. 717, Eff. 4/13/90.