OSC issued an Accounting Bulletin which provides guidance on accounting and financial reporting for compensated absences as required by GASB No.101, Compensated Absences on the ST-3. The bulletin addresses the following information:
• The new framework to categorize and analyze all types of leave
• Measuring the compensated absences liability
• Accounting requirements for compensated absences
• What may be included in the Employee Benefit Accrued Liability Reserve Fund