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Severance Pay Liabilities in Departmental Financial Statements 2008-09 – Guidance

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Date:               April 3, 2008

To:                  Senior Full-Time Financial Officers

Subject:             Guidance - Severance Pay Liability as at March 31, 2008

The purpose of this note is to provide guidance to departments on the calculation of the severance pay liability for eligible employees for inclusion in departmental financial statements.  Note that this liability was devolved to departments in 2005-06. 

The attached document provides additional information on how to calculate the severance liability and expense relating to severance for Public Service employees, coding for the accounting transactions and the financial statement disclosure requirements.

Since these instructions are being sent out earlier this year, departments should strive to record this adjustment in P12-1.

Should you have any questions, please contact Evelyne Verner at (613) 952-0896 or Evelyne.Verner@tbs-sct.gc.ca.

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