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Get State Controller's Bulletin - Maine

Sonal Time Balances DATE: TO: FROM: July 25, 2006 Payroll & Personnel Officers Edward A. Karass, State Controller The governmental accounting and financial reporting standards as defined by the Governmental Accounting Standards Board stipulate that 'liabilities for compensated absences should be inventoried at the end of each accounting period and adjusted to current salary costs'. Accordingly, the liability associated with employee vacation, compensatory and personal time must be recorded in.

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