The Governmental Accounting Standards Board (GASB) issued an exposure draft, Accounting for Termination Benefits.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 an exposure draft, Accounting for Termination Benefits, that would require employers to recognize--in financial statements they prepare on the 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 of accounting--the cost of voluntary termination benefits when employees accept a termination offer, and the cost of involuntary involuntary adj. or adv. without intent, will, or choice. Participation in a crime is involuntary if forced by immediate threat to life or health of oneself or one's loved ones, and will result in dismissal or acquittal. INVOLUNTARY. termination benefits when an employer approves a plan of termination and communicates it to its employees. In addition the proposal would establish measurement and disclosure requirements for such benefits. Comments are due March 11, 2005. |
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