Statutes, codes, and regulations
Louisiana Administrative Code
Title 28 - EDUCATIONPart XLI - Bulletin 1929-Louisiana Accounting and Uniform Governmental Handbook
Chapter 11 - Classification of Balance Sheet Accounts
Section XLI-1103 - Liabilities and Other Credit Codes

La. Admin. Code tit. 28 § XLI-1103

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Current through Register Vol. 50, No. 11, November 20, 2024
Section XLI-1103 - Liabilities and Other Credit Codes
A. Liabilities are LEA debts plus items that are not debts, but which may become debts at some future time.
B. Current liabilities - Those debts the LEA expects to pay within a short period of time, usually within a year or less.
1. 401 Interfund Loans Payable-A liability account used to record a debt owed by one fund to another fund in the same governmental unit. It is recommended that separate accounts be maintained for each Interfund loan.
2. 402 Interfund Accounts Payable-A liability account used to indicate amounts owed by a particular fund to another fund in the same LEA for goods and services rendered. It is recommended that separate accounts be maintained for each Interfund payable.
3. 411 Intergovernmental Accounts Payable- Amounts owed by the reporting LEA to another governmental unit. It is recommended that separate accounts be maintained for each interagency payable.
4. 421 Accounts Payable-Liabilities on open account owing to private persons, firms, or corporations for goods and services received by an LEA (but not including amounts due to other funds of the same LEA or to other governmental units).
5. 422 Judgments Payable-Amounts due to be paid by an LEA as the result of court decisions, including condemnation awards paid for private property taken for public use.
6. 423 Warrants Payable-Amounts due to designated payees in the form of a written order drawn by the LEA directing the LEA treasurer to pay a specific amount.
7. 431 Contracts Payable-Amounts due on contracts for assets, goods and services received by an LEA.
8. 432 Construction Contracts Payable-Retainage-liabilities on account of construction contracts for that portion of the work that has been completed but on which part of the liability has not been paid, pending final inspection, or the lapse of a specified time period, or both. The unpaid amount is usually a stated percentage of the contract price.
9. 433 Construction Contracts Payable-Amounts due by an LEA on contracts for constructing buildings and other structures, and other improvements.
10. 441 Matured Bonds Payable-Bonds that have reached or passed their maturity date, but which remain unpaid.
11. 442 Bonds Payable-Current-bonds that have not reached or passed their maturity date, but which are due within one year or less. This account is used only in proprietary or fiduciary funds, as well as in the government-wide financial statements.
12. 443 Unamortized Premiums on Issuance of Bonds-an account that represents that portion of the excess of bond proceeds over par value and that remains to be amortized over the remaining life of such bonds. This account is used only in proprietary or fiduciary funds, as well as in the government-wide financial statements.
13. 451 Loans Payable-shortterm obligations representing amounts borrowed for short periods of time, usually evidenced by notes payable or warrants payable.
14. Lease Obligations-Current-capital lease obligations that are due within one year.
15. 455 Interest Payable-interest due within one year.
16. 461 Accrued Salaries and Benefits-salary and fringe benefit costs incurred during the current accounting period; these costs are not payable until a subsequent accounting period.
17. 471 Payroll Deductions and Withholdings-amounts deducted from employee salaries for withholding taxes and other purposes. District-paid benefit amounts payable also are included. A separate liability account may be used for each type of benefit.
18. 472 Compensated Absenses-Currents-compensated absences that will be paid within one year.
19. 473 Accrued Annual Requirement Contribution Liability-a liability arising from payments not made to pension funds. This amount represents any difference between the actuarially determined annual required contribution and actual payments made to the pension fund.
20. 481 Deferred Revenues-a liability account that represents revenues collected before they become due.
21. 491 Deposits Payable-liability for deposits received as a prerequisite to providing or receiving services, goods, or both.
22. 492 Due to Fiscal Agent-amounts due to fiscal agents, such as commercial banks, for serving an LEA's matured indebtedness.
23. 499 Other Current Liabilities-other current liabilities not provided for elsewhere.
C. Long-Term Liabilities-debt with a maturity of more than one year. These accounts should be used only with proprietary and fiduciary funds, as well as at the entity-wide level of reporting.
1. 511 Bonds Payable-bonds (includes general obligation, asset-backed, or revenue backed) that have not reached or passed their maturity date and that are not due within one year.
2. 512 Accreted Interest-an account that represents interest that is accrued on deep discount bonds. This account should be used by school districts that issue capital appreciation bonds. Such bonds are usually issued at a deep discount from the face value, and no interest payment is made until maturity. Under full accrual accounting, the district is required to accrete the interest on the bonds over the life of the bonds. Accretion is the process of systematically increasing the carrying amount of the bond to its estimated value of the maturity date of the bond. To calculate accreted interest, the district should impute the effective interest rate, using the present value, the face value (or the future value), and the period of the bond, and multiply the effective interest rate by the book value of the debt at the end of the period. Accreted interest is usually recorded as an addition to the outstanding debt liability.
3. 513 Unamortized Gains/Losses on Debt Refundings-an account that represents the difference between the reacquisition price and the net carrying amount of old debt when a current or advance refunding of debt occurs. This account should be used only when defeasance of debt occurs for proprietary funds. The unamortized loss amount should be deferred and amortized as a component of interest expense in a systematic and rational manner over the remaining life of the old debt or the life of the new debt, whichever is shorter. On the balance sheet, this deferred amount should be reported as a deduction from or an addition to the new debt liability.
4. 521 Loans Payable-an unconditional written promise signed by the maker to pay a certain sum of money one year or more after the issuance date.
5. 531 Lease Obligations-amounts remaining to be paid on lease purchase agreements.
6. 541 Unfunded Pension Liabilities-the amount of the actuarial deficiency on a locally operated pension plan to be contributed by the LEA on behalf of present employees.
7. 551 Compensated Absences-amounts remaining beyond the period of one year to be paid on compensated absences balances.
8. 561 Arbitrage Rebate Liability-liabilities arising from arbitrage rebates to the Internal Revenue Service (IRS) from bond financing.
9. 590 Other LongTerm Liabilities-other long-term liabilities not provided for elsewhere.

La. Admin. Code tit. 28, § XLI-1103

Promulgated by the Board of Elementary and Secondary Education, LR 26:482 (March 2000), amended LR 36:1532 (July 2010).
AUTHORITY NOTE: Promulgated in accordance with R.S. 17:6(A)(10).