AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
New GASB standard on termination benefits: despite certain similarities, there is at least one crucial difference between postemployment benefits and termination benefits: the cost of postemployment benefits is properly recognized over an employee's active service, whereas the cost of termination benefits is not.(Governmental Accounting Standards Board)
Last year, the Governmental Accounting Standards Board released the final elements of a comprehensive framework of accounting and financial reporting for pensions and other postemployment benefits. This year, the GASB completed a similar effort involving termination benefits, as marked by the recent release of GASB Statement No. 47, Accounting for Termination Benefits.
BACKGROUND
Despite certain similarities, there is at least one crucial difference between postemployment benefits and termination benefits. Postemployment benefits are a form of compensation for prior service, whereas termination benefits reflect the cost of discontinuing employee service, either voluntarily or involuntarily, earlier than planned. Accordingly, the cost of postemployment benefits is properly recognized over an employee's active service life, whereas the cost of termination benefits is not. Common forms of termination benefits include the following:
* Cash payments
* Healthcare (including mandatory access to employer-sponsored healthcare pursuant to the provisions of the federal Consolidated Omnibus Budget Reconciliation Act, or COBRA)
* Severance pay
* Career counseling and outplacement services
- Proposed Technical Amendments to GASB Statement No. 34.
- Magazine article from: Government Finance Review April 1, 2001 700+ words
...proposed statement that would amend GASB Statement No. 34, Basic Financial Statements...clarification of certain provisions of GASB Statement No. 34 that have been unclear to some...the introduction of MD&A. GASB Statement No. 34 provides a list of issues to...
- AssetWorks Announces Support for Key State and Local Government Financial...
- Press release article from: Business Wire January 19, 2000 700+ words
...announced today that FM Enterprise supports GASB Statement 34, a new financial reporting requirement...universities and public school systems. GASB Statement 34 requires governments to report on...we didn't know better, we'd say GASB Statement 34 was written to take advantage of...
- Major changes to CAFR statistical section: GASB statement no. 44 will...
- Magazine article from: Government Finance Review Gauthier, Stephen J. August 1, 2004 700+ words
...supported principally by property taxes. GASB Statement No. 44 offers its guidance in terms...and potentially confusing readers. GASB Statement No. 44 offers extensive descriptive...local government financial reports. GASB Statement No. 44 takes full advantage of that...
- Clarifying GASB Statement No. 34: help for preparers and auditors of...
- Newspaper article from: The Practicing CPA October 1, 2002 700+ words
...Accounting Standards Board (GASB) issued GASB Statement No. 34, Basic Financial Statements...for State and Local Governments. GASB Statement No. 34 established new requirements...financial reporting model required by GASB Statement No. 34 and related pronouncements...
- Final GASB guidance on derivatives: a number of arrangements that might...
- Magazine article from: Government Finance Review Gauthier, Stephen J. December 1, 2008 700+ words
...have been excluded from the scope of GASB Statement No. 53: normal purchase and sales...The financial reporting guidance in GASB Statement No. 53 (as opposed to its disclosure...value. To avoid a potential mismatch, GASB Statement No. 53 requires that the recognition...
- SymPro Announces Support for GASB Statement 31.
- Press release article from: PR Newswire October 2, 1998 700+ words
...Reporting functions in accordance with the recent requirements of Government Accounting Standards Board (GASB) Statement 31. GASB Statement 31 requires a new level of portfolio reporting that incorporates change in fair value as part of total...
- GASB Statement 34 -- Update for Michigan Schools.(Brief Article)
- Magazine article from: Leader's Edge Burgess, Robert L. March 1, 2001 700+ words
For auditors with governmental clients, or CPAs working in government, the arrival of GASB Statement 34 impacts accounting procedures and financial statements. The good news for those with school district clients is that the Michigan...
- GASB Statement No.34 Phase-In Begins this Year.
- Magazine article from: The Ohio CPA Journal Bukovinsky, David M. July 1, 2001 700+ words
...programs are listed beneath the appropriate total columns to arrive at the change in net assets. Fund Financial Statements GASB Statement No. 34 requires preparation of financial statements for the major fund groups, governmental, proprietary, and fiduciary...
- Revisiting GASB Statement 44, Statistical Section.(Governmental Accounting...
- Newspaper article from: CPA Government & Nonprofit Report March 1, 2006 700+ words
GASB Statement 44 substantially changes the Statistical Section in government Comprehensive Annual Financial Reports (CAFR). If a government...
- Help Implementing GASB Statement 44.(Governmental Accounting Standards...
- Magazine article from: The Practical Accountant February 1, 2006 700+ words
The Governmental Accounting Standard Board has published a Guide to Implementation of GASB Statement 44 on the Statistical Section to assist preparers and auditors of governmental financial statements and those that advise them...
Source: HighBeam Research, New GASB standard on termination benefits: despite certain...