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GASB ED on compensated absences.

The Governmental Accounting Standards Board issued an exposure draft, Accounting for Compensated Absences, to provide guidance for measuring accrued liabilities for compensated absences regardless of the reporting model or fund type used by state and local governments.

Compensated absences are those for which employees are paid (vacation, sabbatical and sick leave and holidays).

The proposal would require measuring the liability for such absences using pay or salary rates in effect at the balance-sheet date. It also would require additional amounts to be accrued for salary related payments associated with the future payment of compensated absences (for example, the employer's share of Social Security and Medicare taxes). It would be effective for financial statements covering periods beginning after June 15, 1993.

The comment deadline is March 31, 1992. For a copy of the ED, write the GASB Order Department, 401 Merritt 7, P. 0. Box 5116, Norwalk, Connecticut 06856-5116, or call (203) 847-0700, ext. 10.
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Title Annotation:exposure draft
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Mar 1, 1992
Words:154
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