The staff of the Local Government Commission (LGC) has released a new memorandum discussing key aspects of Statement No. 101 of the Governmental Accounting Standards Board (GASB). Issued in June 2022, Statement 101 provides updated guidance on accounting for compensated absences, replacing GASB Statement No. 16 from November 1992. Statement 101 is now effective for most local governments and public authorities in North Carolina for the fiscal year beginning July 1, 2024.
This memo and previous memos can be viewed on the State and Local Government Finance Division website.