GASB Issues Guidance on Compensated Absences

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.