Standards for termination benefits.

• Position: GASB News - Governmental Accounting Standards Board - Brief Article

GASB has released Statement No. 47, Accounting for Termination Benefits, providing guidance for state and local governments that offer benefits such as early retirement incentives or severance pay.

The statement requires similar forms of termination benefits be accounted for in the same manner; specifies when governments should recognize the cost of termination benefits they offer in accrual basis financial statements; provides an exception...