In the government-wide financial statements, long-term liabilities of governmental entities are generally reported at

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Long-term liabilities of governmental entities are reported at present value in the government-wide financial statements as it reflects the current value of the obligation and provides users with a more accurate picture of the entity's financial position. Face value does not take into account the time value of money, and the market value may not be relevant for these types of obligations. Unamortized premium or discount is only applicable for bonds or other financial instruments, not for all long-term liabilities.

In the Government-Wide Financial Statements, Long-Term Liabilities of Governmental Entities