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Electronic Documents of Illinois

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Title

  • GAAP (Generally Accepted Accounting Principles) Report, FY 2025

Description

  • Provides revenue estimates formulated on a modified accrual basis in accordance with generally accepted accounting principles (GAAP). This includes modified accrual basis estimates for the general funds, the Agricultural Premium Fund, the Road Fund, and the Motor Fuel Tax Fund. Recognition of revenue and liability in the fiscal year of collection or payment has been the premise for formulating the Illinois budget and is known as cash basis budgeting. Estimates formulated on a modified accrual basis instead recognize revenue and liability in the fiscal year of accrual and provide an alternative perspective to the budget process.

Originally Deposited as: 212601

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Language(s): EN-English

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Date Created: 03-15-2024
Date Last Modified: 03-15-2024

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Access This Publication

1. FY 2025 GAAP report (GAAPReportFY2025.pdf).
Document Size: Software: Adobe Acrobat Version: 7.x

This is part of a series. It is part of GAAP (Generally Accepted Accounting Principles) Report: 16033