STATE OF CONNECTICUT
OFFICE OF THE COMPTROLLER
GAAP REPORTING FORM
FOR THE FISCAL YEAR ENDED JUNE 30, 1994
|GAAP Form No.7|
Under GAAP, compensated absences represent a liability of the State for additional compensation earned by employees. This compensation is to be paid in the future in the form of vacation and sick leave benefits. Please complete columns 1-6 of GAAP Form No. 7 as follows:
Note: For employees hired before June 30, 1977, the maximum number of vacation leave hours that an employee can accumulate is 840 hours (120 days); for employees hired after that date, the maximum number of vacation leave hours that an employee can accumulate is 420 hours (60 days). Do not exceed these limitations for any employee. If applicable, these limitations would be 960 and 480 hours, respectively, for all employees who work regularly eight hours a day.
Note: At retirement, the maximum number of sick leave hours that an employee is entitled to be paid for is 1680 hours (one-fourth of his accumulated sick leave hours to a maximum of sixty days). Do not exceed this limitation for any employee. If applicable, this limitation would be 1920 hours for all employees who work regularly eight hours a day.
Note: Use payroll run for period ending June 23, 1994 (paid on July 7, 1994).
|ACCOUNTING MANUAL||10-31||MAY 1994|
|ACCOUNTING MANUAL||10-32||MAY 1994|
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