GASB Statement No. 101, Compensated Absences

GASB Statement No. 101 brings significant changes to how governments report compensated absences liabilities. This new standard aims to provide a more comprehensive and unified approach for recognizing compensated absences obligations like vacation, paid time off, and sick leave. Key updates in Statement No. 101 include three new criteria for accruing compensated absences liabilities and simplified compensated absences liability disclosure requirements We have provided an update that dives into the details of this new GASB standard to help governments prepare for the upcoming implementation dates. Click below to review our newsletter for details and feel free to reach out with any questions!

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