This account is used to record payment for deep discount debt which will be payable at least one year subsequent to the balance sheet date. Deep discount debt is issued with a stated interest rate significantly less than the effective interest rate. Interest is received when the bond matures. For proprietary funds, this is a noncurrent liability with the Bonds & similar debt caption on the ACFR 11P. For governmental funds, this is the caption Bonds and similar debt payable in General Long Term Debt, GASB 5200 in the ACFR 11G.