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Title:  

GAAP (Generally Accepted Accounting Principles) Report, FY 2025

 
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 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. 
 Date Created:  03-15-2024 
 Agency ID:   
 ISL ID:  000000106320   Original UID: 212601 FIRST WORD: GAAP