Compensated Absences Webinar (2025)

GASB Statement No. 101, Compensated Absences, will be implemented by North Carolina governments for the fiscal year ended June 30, 2025.  While this may seem to be in the distant future, governments need to begin compiling information and beginning balances by July 1, 2024.  This webinar will provide participants with the following:

• Details of the requirements of GASB Statement No. 101, Compensated Absences
• Implications for financial reporting in the external financial statements and comprehensive note disclosures
• Examples of preparation processes by several NC local government finance officials
• Impact on implementation of GASB Statement No. 100, Accounting Changes and Error Corrections-an amendment of GASB Statement No. 62

Historically, the vast majority of NC governments included compensated absences liabilities in their financial statements that reflected primarily their accrued vacation.  GASB Statement No. 101 will expand that liability definition for almost all governments in NC to include unused sick leave.  Calculating those liabilities as of June 30, 2025, will require access to appropriate opening liability balances as of July 1, 2024.  In addition, all liabilities will include certain salary-related payments.  This webinar is designed to guide finance officials through the process of identifying the necessary information and the calculations to arrive at the appropriate liability amounts for June 30, 2025.