GASB ED on compensated absences. (exposure draft) (Brief Article)

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 …