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FASB Summaries |
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Statement No. 74 Accounting for Special Termination Benefits Paid to Employees STATUS Issue Date: August 1983 Effective Date: For special termination benefits offered after June 30, 1983 Affects: Amends APB 8, paragraph 31 Affected by: Superseded by FAS 88 Abbreviations for Accounting Pronouncements FAS - FASB Statements FIN - FASB Interpretations FTB - FASB Technical Bulletins APB - APB Opinions AIN - AICPA Interpretations ARB - Accounting Research Bulletins CON - FASB Concepts EITF - EITF Issues Q&A - FASB Implementation Guides SUMMARY This Statement applies when an employer offers for a short period of time special termination benefits to its employees. The employer is to recognize special termination benefits as a liability and an expense when the employees accept the offer and the amount can be reasonably estimated. The amount to be recognized includes any lump-sum payments and the present value of any expected future payments. If reliably measurable, certain changes in the estimated costs of other employee benefits are also to be included in measuring the expense. This Statement applies for special termination benefits offered after June 30, 1983, with earlier application encouraged. Restatement of previously issued financial statements is permitted. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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