N.Y. Comp. Codes R. & Regs. tit. 16 § 462.3

Current through Register Vol. 46, No. 45, November 2, 2024

Section 462.3 - Current and accrued liabilities

(a) Current and accrued liabilities are those obligations which have either matured at the date of the balance sheet or which become due within one year from the date thereof, including demand obligations, except, however, bonds, receivers' certificates and similar obligations which shall be classified as long-term debt until date or maturity, and except also advances from associated companies; accrued taxes, such as income taxes, which shall be classified in the balance sheet as accrued liabilities even though payable more than one year from the balance sheet date; compensation awards, which shall be classified as current liabilities regardless of date due; interest accrued on customers' deposits, and minor items payable in installments which may be classified as current liabilities.

(b) If a liability is due more than one year from date of issuance or assumption by the utility, it shall be credited to a long-term debt account appropriate for the transaction, except, however, the current liabilities mentioned in subdivision (a) of this section; but, for the purpose of classification in the balance sheet, a debt (except bonds, receivers' certificates, and similar obligations and advances from associated companies), shall be classified as a current and accrued liability if due within one year from the balance sheet date.

N.Y. Comp. Codes R. & Regs. Tit. 16 § 462.3