Pennsylvania Code & Bulletin
COMMONWEALTH OF PENNSYLVANIA

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The Pennsylvania Code website reflects the Pennsylvania Code changes effective through 53 Pa.B. 8238 (December 30, 2023).

7 Pa. Code § 149.5. Accounting to be on accrual basis.

§ 149.5. Accounting to be on accrual basis.

 (a)  Each licensee is required to keep its accounts on the accrual basis. Accruals shall consist of expenses which have been incurred and reflected on the accounting records but have not been paid and of income which has been paid and of income which has been earned and reflected on the accounting records but has not yet been received.

 (b)  When payments are made in advance for items such as insurance, rents, taxes, interests, the amount applicable to future periods shall be charged to the appropriate prepayment account and spread over the periods to which applicable.



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