Federal social insurance liabilities e.g.social security to beneficiaries are recognized only when due.

Name: Federal social insurance liabilities e.g.social security to beneficiaries are recognized only when due.
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Federal social insurance liabilities (such as social security) are recognized and recorded in the financial statements only when they are due to beneficiaries (e.g. retired individuals). This is in accordance with generally accepted accounting principles (GAAP).

Federal Social Insurance Liabilities E