AICPA每日一練之FAR【2016-3-17】

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Golden Co. factored its receivables with recourse with GD Bank. Assume Golden surrenders control of the receivables. Golden received cash as a result of this transaction, which is best described as a

A. Loan from GD collateralized by Golden’s accounts receivable.

B. Loan from GD to be repaid by the proceeds from Golden’s accounts receivable.

C. Sale of Golden’s accounts receivable to GD, with the risk of uncollectible accounts retained by Golden.

D. Sale of Golden’s accounts receivable to GD, with the risk of uncollectible accounts transferred to GD.

Answer:C

This answer is correct. Under ASC Topic 860, the situation qualifies as a sale because the transferor surrenders control of the receivables. Since GD has accepted the receivables subject to recourse, Golden has continuing involvement with the receivables and has, in effect, guaranteed the receivables.

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