The Governmental Accounting Standards Board (GASB) issued Statement no. 47, Accounting for Termination Benefits (www.gasb.org/st/summary/gstsm46.html).The Governmental Accounting Standards Board The Governmental Accounting Standards Board (GASB) is currently the source of generally accepted accounting principles (GAAP) used by State and Local governments in the United States of America. (GASB GASB Governmental Accounting Standards Board ) issued Statement no. 47, Accounting for Termination Benefits (www.gasb.org/st/summary/gstsm46.html). It provides accounting and reporting guidance for state and local governments offering benefits such as early retirement incentives or severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when to involuntarily in·vol·un·tar·y adj. 1. Acting or done without or against one's will: an involuntary participant in what turned out to be an argument. 2. terminated employees. In general the statement is effective for financial statements for periods beginning after June 15, 2005, but for termination benefits affecting defined-benefit postemployment benefits other than pensions, governments should implement Statement no. 47 simultaneously with Statement no. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions (www.gasb.org/st/summary/gstsm48.html). Both statements are available from GASB at http://store.yahoo.com/gasbpubs or by calling 800-748-0659. |
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