Effective Date: February 09, 2015
Expiration Date: February 09, 2029
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6.1.1 This chapter prescribes the procedures for recording and reporting NASA interest payable.
6.1.2 NASA will record interest payable in accordance with SFFASs No. 1 and No. 5, as amended and report interest payable in accordance with OMB Circular A-136.
6.1.3 Interest payable may result from late payment of invoices to the public.
6.2.1 NASA will record interest payable in its Standard General Ledger liability account for the amount of interest expense incurred and unpaid as of the reporting date.
6.2.2 NASA will record interest payable on late payment of bills as required by Prompt Payment, 31 U.S.C. ch. 39.
6.2.3 The interest rate in effect on the day after the payment due date is used to calculate the interest penalty payable. Prior to calculating the interest penalty payable, NASA personnel shall refer to the Treasury Bureau of the Fiscal Service Web site under Prompt Pay Rate to ensure use of the appropriate interest rate.
NASA will report interest payable as Federal or non-federal liabilities. NASA will include information on interest payable in the financial statement note disclosures in accordance with OMB Circular A-136.
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This document does not bind the public, except as authorized by law or as incorporated into a contract. This document is uncontrolled when printed. Check the NASA Online Directives Information System (NODIS) Library to verify that this is the correct version before use: https://nodis3.gsfc.nasa.gov.