GASB No. 101, also known as Compensated Absences, is a standard issued by the Governmental Accounting Standards Board (GASB) that addresses the accounting and financial reporting of employee compensated absences in the public sector. The Standard provides guidance on how governmental entities should recognize, measure, and disclose obligations related to compensated absences, such as vacation leave, sick leave, and other similar benefits. GASB No. 101 requires governmental entities to report these obligations in their financial statements and disclose relevant information to ensure transparency and accountability.
To further enhance your understanding and implementation of GASB No. 101 Compensated Absences, we have prepared this presentation that overviews the Standard. If you have questions, we encourage you to contact our team of professionals at Yeo & Yeo. Our knowledgeable professionals are well-versed in governmental accounting standards and can help with any questions or concerns regarding GASB compliance. Whether you need assistance identifying and measuring compensated absences liabilities, ensuring proper disclosures, or conducting a thorough audit, we are here to help.
Mike Rolka was a co-contributor of this article and presentation.