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IRC Handout November 30, 2022

Proposed Balance Sheet Modifications for FY 2024 

Line 24 Name change 

Current: 

24 Debt (Note 14B)

Proposed: 

24 Other Debt (Note 14B)

Justification: To further differentiate the type of debt on this Line and Note from the Federal 

Debt and Interest Payable line per GAO proposals. 

Other Debt – USSGL 259000 (N) crosswalk placement 

Current: 

29 Federal debt and interest payable (Note 14)

29 259000 Other Debt E N E/U

Proposed: 

37 Other Liabilities (Notes 18, 19, and 20)

37 259000 Other Debt E N E/U

Justification: 

• 259000 fits better in Note 18 (Other Liabilities) rather than Note 14 (Debt) per A-136

• SFFAS 1 clearly defines and sets guidance for Accounts Payable, Interest Payable, and other 

current liabilities, which are described as “on-going continuous expenses.” Types of long-term 

financing instruments or debt arrangements are not covered under this standard. Although 

259000 is “other” in nature, it is intended to capture these long-term “other” liability/financing 

activities.

• SFFAS 5 par. 47 – This paragraph of this standard talks about Federal Debt issued by U.S. 

Treasury or other federal agencies but has been deemed as not applicable in a recent technical 

inquiry response from Fiscal Service regarding a Bonneville Power Administration debt 

arrangement, since the debt was issued by a non-federal agency (Western Power, associated 

with the state of Washington rather than the federal government.) We would also not apply 

this FASAB standard to other existing and potential future debt arrangements issued by nonfederal agencies, similar to this one. The fact that this standard is not applicable to debt 

arrangements issued from non-federal agencies leads to this type of debt arrangement not 

being included in Note 14 and therefore not crosswalked on the Balance Sheet to the Federal 

Debt and interest payable line.
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IRC Handout November 30, 2022

• FASAB does not directly address “Other Debt” in any of its authoritative guidance or 

interpretations, therefore Fiscal believes that presentation under the Other Liabilities line and 

note is most appropriate. The next steps within the GAAP hierarchy include looking to other 

similar transactions or to other standard-setting bodies-These also lead to “Other Liabilities” as 

the most appropriate reporting option. Agencies can further break out by subline in their AFR if 

they believe their debt arrangement significant enough to warrant being spotlighted.

• Survey Results support this placement.

Additions to Balance Sheet for FY 2024 

New Lease USSGLs

12 General and right-to-use property, plant, and equipment, net (Note 10)

12 195000 Lessee Right-To-Use Lease Asset E E/U

12 195900 Accumulated Amortization on Lessee Lease Assets E E/U

17 Other assets (Note 12)

17 193000 Lessor Lease Receivable E N E/U

17 193900 Allowance for Loss on Lease Receivable E N E/U

37 Other liabilities (Notes 18, 19, and 20)

37 214010 Unfunded Accrued Interest Payable E N E/U

37 233000 Unearned Lessor Revenue E N E/U

37 293000 Lessee Lease Liability E N E/U

37 293010 Unfunded Lessee Lease Liability E N E/U

42.1 Cumulative results of operations - Funds from Dedicated Collections (Note 21)

42.1 593000 Lessor Lease Revenue E F/N E

42.1 593300 Lessor Revenue - Amortization of Lease Receivable E N E

42.1 671300 Lessee Lease Amortization E N E

42.1 693000 Lessee Lease Expense E F/N E

42.2 Cumulative results of operations - Funds from other than Dedicated Collections

42.2 593000 Lessor Lease Revenue E F/N U

42.2 593300 Lessor Revenue - Amortization of Lease Receivable E N U

42.2 671300 Lessee Lease Amortization E N U

42.2 693000 Lessee Lease Expense E F/N U

Analyzed in Working Group but no revisions

• 221100 (N) Witholdings Payable – Analysis was performed on whether to 

move to Line 30, which is currently titled Federal Employee and Veteran 
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IRC Handout November 30, 2022

Benefits Payable (FEVBP). It was also analyzed as to whether this USSGL 

should move under this line if that line title changes to Salaries and Benefits 

of Federal Employees and Veterans Payable (SBFEVP). Ultimately it was 

determined that this USSGL shall remain under Line 37, Other Liabilities.

• 269000 (N) Other Acturarial Liabilities – Analysis was performed on 

whether to move to Line 37, Other Liabilities, or if it should remain under 

Line 30 regardless of whether it is titled FEVBP or SBFEVP. Ultimately it 

was decided that this USSGL will remain under Line 30.

• New USSGL to split 221000 between payroll & leave – It is under 

consideration to create a new USSGL to split funded payroll and funded 

leave. This one relates to the potential line 30 name change and will need to 

be decided on in unison. There is also strong pushback, mostly due to 

agency burden on this change.

Items Still Under Review & Analysis

• 134000 (F) Interest Receivable Not Otherwise Classified – USSGL 

134900 (Interest Receivable on Uninvested Funds) was voted in by USSGL 

Board Members in May of 2022 with an effective date of FY 2023. With 

this new USSGL it was expected that several agencies would be making 

reclass entries in the first quarter of FY 2023 to move current balances in 

134000 into 134900 to portray these receivables more accurately. After the 

reclass entries occur, the Balance Sheet working group will need to 

determine if the current line 3.4 (Accounts Receivable) and reciprocating 

category 22 are the most accurate placement. If any changes are to be made 

it is likely to be effective FY 2025.

• 214000 (F) Accrued Interest Payable – Not Otherwise Classified – 

USSGL 214900 (Interest Payable on Uninvested Funds) was voted in by 

USSGL Board Members in May of 2022 with an effective date of FY 2023. 

With this new USSGL it was expected that several agencies would be 

making reclass entries in the first quarter of FY 2023 to move current 
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IRC Handout November 30, 2022

balances in 214000 into 214900 to portray these payables more accurately. 

After the reclass entries occur, the Balance Sheet working group will need to 

determine if the current line 22.2 (Accounts Payable) and reciprocating 

category 22 are the most accurate placement. If any changes are to be made 

it is likely to be effective FY 2025.

• Line 30 (Federal employee and veteran benefits payable (Note 15) 

potential name change – It is under consideration to change the title of this 

line to Salaries and benefits of Federal employees and veterans payable to 

more accurately define the activities that fall under this line. Balance sheet 

working group survey results did support this change, however, VA who has 

a large stake in most of the USSGLs within this line did not agree and sent a 

proposal. Below is the proposal, but at this time nothing has been decided.

o Suggested breaking line 30 into two lines

 1) Employee Salary, Leave, and Benefits

 2) Veterans and Other Post-Employment Benefits

• 221000 (N) Accrued Funded Payroll and Leave – crosswalk placement – 

It is under consideration to move this USSGL, which currently resides on 

line 37 (Other liabilities) to line 30 (FEVBP or SBFEVP). This one relates 

to the potential line 30 name change and will need to be decided on in 

unison.
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IRC Handout November30, 2022