The GASB has issued Statement No. 101, Compensated Absences. The new
standard refines the recognition, measurement, and disclosure requirements related
to compensated absences (e.g., paid employee sick and vacation leave) and aligns
such requirements “under a unified model [that] will result in governments
recognizing a liability that more appropriately reflects when they incur an
obligation” for these absences.
For more information, see the press
release on the GASB’s Web site.