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タグ:Factoring ( 2 ) タグの人気記事

復習編:Assignmentなど

今日も日中は家族サービス(買い物サポーター)をして、家族が寝静まったころを見計らって勉強。晩酌を発泡酒にしたので、酔うこともなく、順調に仕事の勉強。。。

勉強のトピックが売掛債権流動化になったので、USCPA受験時代のテキストを見なおしてみる。
すると、以前はなんとなくわかったフリをして、及び腰だったこの単元、今、見直すと、今度はスーッと腹に入った。前は全然わかってなかったんじゃないか?よく試験に合格できたものだ。当時は、どんな理解をしていたんだ ( ̄▽ ̄;)
そう思って、当時のまとめ日記を読み返してみた。
なんだ、結構、わかっているじゃないか。
当時のnnも捨てたものではない ( ̄― ̄) ニヤリッ

・・・あ、おかしな記述発見 ( ▽|||)

>have to debit some charges & fees (= factor’s holdback) as expense.

Factor’s Holdbackをas expenseと書いてしまっている。。。当時はそんな風に理解してたんだな。。。これは、今、テキストを読み返すと違いますね。Factor’s holdbackはIncome Statement上で費用化されるのではなく、B/S上で資産計上されるんですね。 だから、as expense ではなくて、as assetが正解。

この機会に、債権の流動化について簡単にメモしておこう。

*** *** *** *** *** *** *** *** *** *** *** *** ***

そもそも債権は、だいたい、(1) Account Receivableか、(2) Note Receivableのいずれかとして、B/S上のCurrent Assetに計上されている。

この時点で、問題なのはこれらがReceivable、つまり、将来現金化される予定の資産、ということ。このままだと、今、即、お金がいる!となったときに、困る。ということで、これをA/RやN/Rを元手に現金を手に入れる方法を考える。

方法1:Assignment
これは、A/Rを担保に金融機関からお金を借りる方法。仕訳は普通の借入の仕訳

Cash 1,000 / Loan 1,000
(Loan契約時にA/Rを担保として金融機関に差し入れ)

A/Rを担保にしたからと言って、B/Sから消えたりしない。(全く別のFARの問題で、有価証券を担保に入れるとB/Sから消えるか?見たいなのがあったけど、答えはNo.)

方法2:Factoring
これは、A/Rを金融機関に売却して、対価として現金を得る方法。

(Without Recourse)
Cash  1,300     | A/R 2,000
Factor’s HB  300  |
Loss 400        |

A/R2,000をFactorに売る。もちろん、2000では買ってくれない。A/Rが現金として回収できるのは将来なので、現在価値に割り引かれてしまうからだ。言い換えれば、A/Rが現金化するまでの期間の金利が取られる、というイメージ。さらにはFactor宛の手数料なども発生。こうした諸々が差し引かれ、これがLoss 400。このLossは金利費用や手数料費用のような類なので、今期のI/S上でNet Income計算時に減算項目となる。ということで、A/R2,000を売却して、残り1600の現金を手に、、、といいたいところだが、この段階で手にできる現金、実はまだ1,300だけ。残りの300はFactor’s Holdbackとして、留保される。当社としては、Factorからの未収入金、といった感じ。 当社がFactorにA/Rを売却した後で、当社にSalesの返品などがあると、Factorの手元のA/Rの現金化予定額が減ってしまう。それに備えて、Factorは、A/R購入時に、Factor’s Holdbackとして、一定額を当社に支払わず留保している。当社からすれば、FactorにA/Rを買ってもらう際に預ける保証金みたいなイメージかも。Factorが無事債権回収できたら全額戻ってくるし、Factorの債権回収がうまくいかなかったら、Factor’s Holdbackから敷引きされて、残金だけ戻ってくる、といったシステムだ。

また、当社とFactorの交渉次第では、遡及権付きでの債権売却になることもある。その場合は、当該A/Rの貸倒リスクが売却後も残ることになるので、貸倒見込額(←Allowance for Uncollectible Accountsでやりましたね!) を負債に計上しなければならない。結果的に、A/Rの売却損が膨らむことになる。

(With Recourse)
Cash  1,300     | A/R 2,000
Factor’s HB  300  | Recourse Liability 100
Loss 500        |


方法3:Discounting Notes Receivables
会社は、売上債権のA/Rの他にも、貸付債権としてNote Receivableを保有していることがある。日本の場合は、売上債権のA/Rを回収するときに、現金だけではなく、約束手形(Promissory Note)で回収することがあるが、これもNoteの一種。こうしたNoteは第三者(金融機関など)に売却して、対価として現金を得ることができる。もちろん、Factoringの時と同様、Noteの期限までの間の利息部分を負担する必要がある。Noteが期限に現金化するのを待てないから、今、売却するのだから、利息部分の支払は、いわば時間をお金で買うようなものかもしれない。

Cash 900     / Note Receivable 1000
Interest Expense 100

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久しぶりに復習して、スッキリした。

Oh, it’s now midnight!  ( ̄◇ ̄;)

いかん、仕事の勉強にもどらないと!

ヴ、next topic is 会社法。。。(T▽T)
[PR]
by nn_77 | 2007-12-30 00:35 | >FARE

Thought about "Factoring" & "CF"

31 days before the exam

I took a day off today! And, I happened to have received two questions regarding FAR from a friend of mine today. So I tried my explanation below. Forgive me to put it in English, because, I think & type faster in English as is the case with many of you.

Before you read the following report, please be noted that I didn't refer to any particular textbook or anything. Besides, I haven't passed FAR, not to mention AUD, REG, and BEC. So the following trial explanation of mine could be wrong. Please verify by yourself whether or not I'm wrong. Sorry.

(Question #1)
It’s hard and troublesome to understand FACTORING. Especially I cannot distinguish between FACTORING and PLEDGE (ASSIGNMENT). Do I have to just memorize the journal entry for these transactions?

(Question #2)
And next about CASH FLOW. Why do they categorize DIVIDENDS PAID as FINANCING ACTIVITY, while DIVIDENDS RECEIVED are categorized as OPERATING ACTIVITY?


【nn’s Answer for Question#1 】

It’s confusing if you try to learn FACTORING & ASSIGNMENT together just because they are both related to A/R.

Please understand them in a totally different context.


(1) ASSIGNMENT

  First, let’s talk about assignment. This is very simple. ASSIGNMENT is an action to collateralize the existing (and sometimes prospective) A/R for LOAN.
  The loan secured by this action could be in the balance of N/P; the loan that was made earlier and still remains. In this case, there’s no particular journal entry to be made. Only required is some disclosure treatment: A/R assigned should be disclosed parenthetically or the notes to the F/S should be made.
  But there could be another case: the loan secured by A/R assignment could be an "additional" amount of loan which is made on the condition that some A/R is assigned for the loan. In this case, you have to credit N/P and debit Cash for the loan proceeds. But remember that this journal entry for N/P is nothing special!! You always do this journal entry whenever you borrow money!
(There’s another type of assignment called “specific assignment,” which requires some special journal entry. But I don’t refer to it today.)

(2)FACTORING

  This is a Sale of A/R. Once A/R is sold, the buyer (the factor) collects A/R directly from customers. If you sold you’re A/R, of course you have to erase A/R off the book, because you sold it. And, in return, you have to debit the cash proceed as current asset, and also have to debit some charges & fees (= factor’s holdback) as expense. Of course you cannot receive enough amounts of cash proceed, because the FV, or NRV, of A/R you sold is smaller than BV. (That’s why you sold it out!) The difference is treated as Loss. So, the journal entry is:

Cash  1,300     | A/R 2,000
Factor’s HB  300  |
Loss 400         |

  The above entry is made when you sold your A/R without recourse liability. But, at times, the buyer (= factor) wants to avoid the risk of uncollectibility. In such a case, the factor demands you to sell you A/R with recourse, which means you are obliged to buy back the A/R from the factor when the factor fails to collect the A/R by itself. If you sold your A/R on such an unfavorable condition, you have to accrue the LIABILITY for that for fair presentation.

Cash 1,300     | A/R 2,000
Factor’s HB 300  | Liability 100
Loss  500       |

  That’s all for Question #1. Again, the point is that ASSIGNMENT is not anything special. ASSIGNMENT refers to a situation, in which a company borrowed some money from a bank, and the bank required some collateral for the loan, and A/R happened to be collateral instead of its office building, its factory, its investment securities, or any other properties that could have possibly been collateral for the loan.


【nn’s Answer for Question#2 】

  And next about CASH FLOW. Why do they categorize DIVIDENDS PAID as FINANCING ACTIVITY, while DIVIDENDS RECEIVED are categorized as OPERATING ACTIVITY?

  I recommend you to first check out my report about CF which I wrote May 27. 2006, because I explain the general explanation about how to understand the three types of CF classifications without confusion.

  After you read the above report of mine, I hope you’ll find today’s your question #2 very analogous.

  The point I noted in the above report is that there’re two different perspectives: Borrower’s (Investee’s) perspective & Lender’s (Investor’s) perspective.

  DIVIDEND PAID is a cost which is incidental on financing a certain amount of money, which is obviously FINANCING ACTIVITY.

  DIVIDEND RECEIVED is, on the other hand, a regular cash inflow, which is similar to bank deposit interest. It’s collected and recorded as other revenue in the income statement. The collection is often made on annual basis, which goes along with most companies operating cycle. So, from investor’s perspective DIVIDEND RECEIVED is quite similar to INTEREST RECDEIVED, the cash inflow of which is also categorized as OPERATING ACTIVITY.

  Well, that’s all about it. I really appreciate it if you were patient enough to read till here!

  If you have any further or related question, please ask me. I’ll answer either in English or in Japanese as you specify.

  But, again, please be noted that I haven’t passed any of USCPA exam subjects yet. My understanding and explanation here on my blog could be wrong, so please verify nn’s report by yourself! Thank you.

  I'll be up all night tonight!
[PR]
by nn_77 | 2006-06-29 14:54 | >FARE


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