Relax and Reflect: An Overview and Panel Discussion on Liabilities for Compensated Absences

Vacation days, sick time, holidays, parental leave, and jury duty— all governments have dealt with compensated absences. New measurement requirements will impact how much liability to report, especially when there is no cash settlement involved. This session will explore the more common types of compensated absences and the factors that may cause them to be reported as a liability under the new GASB guidance. Speakers will highlight the proper accounting, financial reporting, and note disclosures for various types of compensated absence liabilities, discuss key changes from the prior guidance, and share tips for successful implementation.