GASB releases proposed statement on Accounting for Termination Benefits.
The Governmental Accounting Standards Board has published an
exposure draft of a statement, Accounting for Termination Benefits, that
would establish accounting guidance for state and local governmental
employers regarding benefits provided to employees who terminate
employment. It would establish guidance for benefits, such as
early-retirement incentives and severance benefits that are provided as
the result of voluntary or involuntary terminations, and is intended to
enhance comparability of financial statements by requiring governments
to account for similar termination benefits in the same manner. Comments
are due Mar. 11. The ED can be found on www.gasb.org.