Section 413.24 requires that a provider's cost data be based on the accrual basis of accounting, under which " revenue is reported in the period when it is earned, regardless of when it is collected, and expenses are reported in the period in which they are incurred, regardless of when they are paid . " s413.24 ( b ) ( 2 ).
42.
The Budget and Accounting Transparency Act of 2014 would amend the Federal Credit Reform Act of 1990 ( FCRA ) ( title V of the Congressional Budget Act of 1974 [ CBA ] ) to revise the budgetary treatment of federal direct loans and loan guarantees to account for them on a fair value basis ( currently, a FCRA accrual basis ).
43.
Section 413 . 24 requires that a provider's cost data be based on the accrual basis of accounting, under which " revenue is reported in the period when it is earned, regardless of when it is collected, and expenses are reported in the period in which they are incurred, regardless of when they are paid . " s413 . 24 ( b ) ( 2 ).
44.
In " Spring City Foundry ", the Court held that, for an accrual basis taxpayer, it is the right to receive and not the actual receipt that determines the inclusion of the amount in gross income . The Court reasoned that in this case the right to receive the advance payments had become fixed at least at the time they were due and payable.
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