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Glossary of the 1993 SNA - Definition of Term

TermAccrual accounting
DefinitionAccrual accounting records flows at the time economic value is created, transformed, exchanged, transferred or extinguished; this means that flows which imply a change of ownership are entered when ownership passes, services are recorded when provided, output is entered at the time products are created and intermediate consumption is recorded when materials and supplies are being used.
It is acknowledged that this glossary uses descriptions of the OECD glossary of statistical terms, the Glossary of the System of National Accounts 1993 and the UN classifications registry.
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