On June 16, 2022, GASB issued Statement 101, Compensated Absences, which will supersede the previous guidance issued in 1992, Statement 16, Accounting for Compensated Absences. Since then, benefit practices have evolved, 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.
GASB Updates Compensated Absences Guidance
GASB • July 26, 2022
GASB Statement 101, Compensated Absences, creates a unified model for recognition and measurement for all types of compensated absences.
