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FASB Summaries |
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Statement No. 43 Accounting for Compensated Absences STATUS Issue Date: November 1980 Effective Date: For fiscal years beginning after December 15, 1980 Affects: No other pronouncements Affected by: Paragraph 1 amended by FAS 112 Paragraph 2 superseded by FAS 112 Paragraph 2 amended by FAS 123 Paragraph 3 superseded by FAS 71 Abbreviations for Accounting Pronouncements FAS - FASB Statements FIN - FASB Interpretations FTB - FASB Technical Bulletins APB - APB Opinions AIN -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 requires an employer to accrue a liability for employees' rights to receive compensation for future absences when certain conditions are met. For example, this Statement requires a liability to be accrued for vacation benefits that employees have earned but have not yet taken; however, it generally does not require a liability to be accrued for future sick pay benefits, holidays, and similar compensated absences until employees are actually absent. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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