Final answer:
the statement is True. Under current GASB standards, the revenue from property taxes should be recorded in the amounts collected during the current period.
Step-by-step explanation:
Under current GASB (Governmental Accounting Standards Board) standards, the revenue from property taxes should be recorded in the amounts collected during the current period. This means that property tax revenue should be recognized and reported in the financial statements when the taxes are actually received by the government.
For example, if a municipality collects property tax payments in quarterly installments, the revenue from each installment should be recorded in the respective period when the payment is received. This is in accordance with the accrual basis of accounting, where revenue is recognized when it is earned and realizable.
Therefore, the statement is True.