Meaning of obligation basis of accounting
The basis of Accounting for Appropriations or Contract Authorizations, whereby Obligations are recorded in the accounts when incurred, and appropriations, Allotments, or contract authorizations are reduced accordingly, regardless of whether the Expenditures are to be made in the same fiscal period.
Source: http://www.sceaonline.org/prof_dev/CEBoK-Glossary.xls
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