Accounting and Financial Reporting
Comp Time: New Standard on Compensated Absences Becomes Effective
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Governments that have a December 31, 2024, fiscal year end and issue financial statements prepared in accordance with generally accepted accounting principles (GAAP) are the first that are required to report in accordance with GASB Statement No. 101, Compensated Absences, which became effective for fiscal years beginning after December 15, 2023, and all financial reporting periods thereafter.
- Publication date: February 2025
- Author: Michele Mark Levine