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<br />...,.-. <br /> <br />\ <br /> <br />I <br />I <br />i <br />J <br /> <br />I <br />i <br /> <br />NOTE 1 <br /> <br />.... .:" <br /> <br />ARKANSAS RIVER COMPACT ADMINISTRATION <br /> <br />NOTES TO FINANCIAL STATEMENTS <br />June 30, Z003 <br /> <br />Summary of significant accounting policies: <br /> <br />a. The Arkansas River Compact Administration (the Compact) <br />maintains financial records using the cash basis of accounting. <br />By using the cash basis of accounting. certain revenues are <br />recognized when received rather than when earned. and certain expenses <br />and purchases of assets are recognized when cash is disbursed rather than <br />when the obligation is incurred. <br /> <br />b. The Statement of Receipts and Disbursements is shown only to <br />reconcile the beginning and ending cash balances. It is not intended to <br />reflect income and expense recognition. Income and expenses are <br />reflected in the Statement of Revenues and Expenses with Budget <br />Comparison. <br /> <br />Page 5 <br />