Sec.  32.4000   Current accounts and notes payable.

   (a) This account shall include:(1) All amounts currently due to others for
   recurring trade obligations, and not provided for in other accounts, such as
   those for traffic settlements, material and supplies, repairs to
   telecommunications plant, matured rents, and interest payable under monthly
   settlements on short-term loans, advances, and open accounts. It shall also
   include amounts of taxes payable that have been withheld from employees'
   salaries.

   (2) Accounts payable arising from sharing of revenues.

   (3) The face amount of notes, drafts, and other evidences of indebtedness
   issued or assumed by the company (except interest coupons) which are payable
   on demand or not more than one year or less from date of issue.

   (b) If any part of an obligation, otherwise includable in this account
   matures more than one year from date of issue, it shall be included in
   Account 4200, Long term debt and funded debt, or other appropriate account.

   (c) The records supporting the entries to this account shall be kept so that
   the company can furnish complete details as to each note, when it is issued,
   the consideration received, and when it is payable.

   (d) Subsidiary record categories shall be maintained for this account in
   order that the company may separately report the amounts contained herein
   that relate to nonaffiliates and affiliates. Such subsidiary record
   categories shall be reported as required by part 43 of this chapter.

   [ 67 FR 5688 , Feb. 6, 2002]