GASB proposes new guidance on compensated absences

Written by promotiondept

March 5, 2021

GASB proposes new guidance on compensated absences State and local government accounting for employees’ vacation time and other forMS of paid leave would change under a proposed standard GASB issued Wednesday. Leave benefits for many state and local governments have evolved since 1992, when GASB issued Statement No. 16, Accounting for Compensated Absences. in reexamining […]

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GASB proposes new guidance on compensated absences

State and local government for loyees’ vacation time and or forms of paid leave would change under a proposed standard GASB issued Wednesday.

Leave benefits for many state and local governments have evolved since 992, when GASB issued Statement No. 6, for Compensated Absences.

In reexamining standard, GASB found that benefits have evolved as some state and local governments have moved to use of paid time off (PTO) that may have charaeristics of both vacation and sick leave.

exposure draft, Compensated Absences, proposes superseding Statement No. 6 and ing re and measurement guidance for all types of compensated absences under a unified model.

proposal describes circumstances under which governments would be required to recognize a liability for compensated absences and proposes guidance for measuring that liability. Generally, measurement would be accomplished by multiplying accumulated leave by an loyee’s pay rate at reporting date.

GASB designed proposal to result in governments recognizing a liability that more appropriately refles ir obligations for compensated absences. GASB also believes proposal would lead to more consistency in application and better comparability across governments.

Certain disclosures that are prely required also would be amended. For example, under proposal governments would have an alternative to existing requirement to disclose gross increases and gross decreases in a compensated absences liability. Governments would have option to disclose only net change in liability.

Comments are requested by June 4 and can be emailed to director@gasb.org.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is JofA’s editorial direor.


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GASB proposes new guidance on compensatED absences State and local government accounting for employees’ vacation time and other forms of paid leave would change under a proposED standard GASB issuED WEDnesday. Leave benefits for many state and local governments have evolvED since 1992, when GASB issuED Statement No. 16, Accounting for CompensatED Absences. In reexamining […]

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How To Really REALIZE DREAMS COME TRUE?

Happiness is for those who plan well and pursue. A profound among us have been proven those who have true dream to live for likely REALIZED IT. It is just simply the person working toward the DREAM days and night until accomplishment. There is a phrase of efficiency a head of you. Steps and obstacles at first seem tremendous. However, just with some times those difficult steps and challenges are so easy performance for you. There are also plenty of tools including VISUALIZATIONS and helps are around you.

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