Standards for termination benefits.GASB GASB Governmental Accounting Standards Board has released Statement No. 47, Accounting for Termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. Benefits, providing guidance for state and local governments that offer benefits such as early retirement incentives or severance pay Severance Pay Compensation that an employer gives to someone who is about to lose their job. Notes: Severance pay is not always paid to employees. It depends on the situation in which the employee is losing their job and whether legislation requires severance to be paid. . The statement requires similar forms of termination benefits be accounted for in the same manner; specifies when governments should recognize the cost of termination benefits they offer in accrual basis A method of accounting that reflects expenses incurred and income earned for Income Tax purposes for any one year. Taxpayers who use the accrual method must include in their taxable income any money that they have the right to receive as payment for services, once it financial statements; provides an exception to the general recognition requirements for termination benefits that affect defined benefit post-employment benefits; and elaborates on how to measure the cost of termination benefits. For more, visit www.gasb.org/news/nr062705.html. |
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