Erie County, New York uses the legal budgetary basis to report the change in fund balances in

Question:

Erie County, New York uses the legal budgetary basis to report the change in fund balances in its budgetary comparison schedule. It reports the following information for the year ended December 31, 2010 (in thousands):
Excess of revenues and other financing sources over expenditures and other
Financing uses-budgetary basis.......................................$24,335
Encumbrances, January 1, 2010........................................... 4,722
Encumbrances, December 31, 2010.......................................3,862
Required
Present a reconciliation of the budgetary basis to the basis of operating results. GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...