When must employers accrue a liability for sick pay? Sick pay benefits vest. Sick pay benefits...
When must employers accrue a liability for sick pay?
| Sick pay benefits vest. |
| Sick pay benefits are equal to 100% of the pay. |
| Sick pay benefits accumulate over time. |
| It is possible to make a reasonable estimate of sick pay benefits. |
Homework Answers
Answer: Sick pay benefits vest.
Explanation: Employers are required to accrue a liability for sick pay when the sick pay benefits vest or accumulate. However, ASC 710-10-25-7 allows an exception for sick pay that accumulates but does not vest whereby, no liability is required to be accrued for sick pay that only accumulates. Thus, liability for sick pay must be accrued when the sick pay benefits vest.
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When must employers accrue a liability for sick pay? Sick pay benefits vest. Sick pay benefits...
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