GASB issues exposure draft on accounting for termination benefits.(FASB/GASB)
Leader's Edge, January, 2005
A new GASB exposure draft, Accounting for Termination Benefits, would establish accounting guidance for state and local governmental employers regarding benefits provided to employees who terminate employment. It would establish guidance for benefits, such as early-retirement incentives and severance benefits that are provided as the result of voluntary or involuntary terminations and is intended to enhance comparability of financial statements by requiring governments to account for similar termination benefits in the same manner.
The proposed Statement would require employers to recognize, in financial statements prepared on the accrual basis of accounting, the cost of voluntary termination benefits when the offer is accepted and the cost of involuntary...
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