The effective date for GASB’s Statement 101, Compensated Absences, has arrived. Benefit practices have evolved since the last update in 1992, resulting in inconsistent application of guidance and a lack of guidance for new leave types. This update creates a unified model for recognition and measurement for all types of compensated absences and eliminates certain previously required disclosures. Here are details to help you have a smooth implementation.
If you have any questions or need assistance, please reach out to a professional at FORVIS.