Government Accounting


The Governmental Accounting Standards Board (GASB) issued an exposure draft, Accounting for Termination Benefits, that would require employers to recognize—in financial statements they prepare on the accrual basis of accounting—the cost of voluntary termination benefits when employees accept a termination offer, and the cost of involuntary termination benefits when an employer approves a plan of termination and communicates it to its employees. In addition the proposal would establish measurement and disclosure requirements for such benefits. Comments are due March 11, 2005.

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