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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
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Title Annotation:accounting & auditing news
Publication:CPA Letter
Date:Jan 1, 2005
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