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會(huì)計(jì)學(xué)人大出版英文版第23版Chap007會(huì)計(jì)學(xué)人大出版英文版第23版Chap0071CashandCashEquivalentsBalancesin
checkingaccountsCurrencyandcoinsCashequivalentsareshort-term,highlyliquidinvestmentsthatcanbereadilyconvertedtocash.Moneymarket
fundsTreasurybillsCommercial
paperCashItemsfordepositsuchaschecksandmoneyordersfromcustomersCashandCashEquivalentsBalanInternalControlEncouragesadherencetocompanypolicies
andproceduresPromotesoperationalefficiencyMinimizeserrors
andtheftEnhancesthereliabilityandaccuracyofaccountingdataInternalControlEncouragesadhInternalControlProceduresCashReceiptsSeparateresponsibilitiesforreceivingcash,recordingcashtransactions,andreconcilingcashbalances.Matchtheamountofcashreceivedwiththeamountofcashdeposited.Closesupervisionofcash-handlingandcash-recordingactivities.CashDisbursementsAlldisbursements,exceptpettycash,madebycheck.Separateresponsibilitiesforcashdisbursementdocuments,checkauthorization,checksigning,andrecordkeeping.Checksshouldbesignedonlybyauthorizedindividuals.InternalControlProceduresCasRestrictedCashand
CompensatingBalances
RestrictedCash Management’sintenttouseacertainamount
ofcashforaspecificpurpose–futureplantexpansion,futurepaymentofdebt.
CompensatingBalance Minimumbalancethatmustbe
maintainedinacompany’sbank
accountassupportforfunds
borrowedfromthebank.RestrictedCashand
CompensatiU.S.GAAPvs.IFRSBankoverdraftsaretreatedasliabilities.Ingeneral,cashandcashequivalentsaretreatedsimilarlyunderIFRSandU.S.GAAP.Onedifferenceishighlightedbelow.Bankoverdraftsmaybeoffsetagainstothercashaccounts.U.S.GAAPvs.IFRSBankoverdraAccountsReceivableResultfromthecreditsalesofgoodsorservicestocustomers.Areclassifiedascurrentassets.Arerecordednetoftradediscounts.AccountsReceivableResultfromCashdiscountsCashDiscountsCashdiscountsCashDiscounts2/10,n/30NumberofdaysdiscountisavailableOtherwise,net(orall)isdueCredit
periodDiscountpercentCashDiscounts2/10,n/30NumberofdaysdiscouCashDiscountsSalesarerecordedattheinvoiceamounts.Salesdiscounts
arerecordedasreductionofrevenueifpaymentisreceivedwithinthediscountperiod.GrossMethodSalesarerecordedattheinvoiceamountlessthediscount.Salesdiscountsforfeitedarerecorded
asinterestrevenueifpaymentisreceivedafterthediscountperiod.NetMethodCashDiscountsSalesarerecordCashDiscountsOnOctober5,Hawthornesoldmerchandisefor$20,000withterms2/10,n/30.OnOctober14,thecustomersentacheckfor$13,720takingadvantageofthediscounttosettle$14,000oftheamount.OnNovember4,thecustomerpaidtheremaining$6,000.CashDiscountsOnOctober5Merchandisemaybereturnedbyacustomertoasupplier.Aspecialpricereduction,calledanallowance,maybegivenasanincentivetokeepthemerchandise.SalesReturnsToavoidmisstatingthefinancialstatements,salesrevenueandaccountsreceivableshouldbereducedbytheamountofreturnsintheperiodofsaleiftheamountofreturnsisanticipatedtobematerial.MerchandisemaybereturnedbySalesReturns Duringthefirstyearofoperations,Hawthornesold$2,000,000ofmerchandisethathadcostthem$1,200,000(60%).Industryexperienceindicates10%returnrate.Duringtheyear$130,000wasreturnedpriortocustomerpayment.Recordthereturnsandtheendoftheyearadjustment.ActualReturnsSalesreturns 130,000 Accountsreceivable 130,000Inventory 78,000 Costofgoodssold(60%) 78,000AdjustingEntriesSalesreturns 70,000 Allowanceforsalesreturns 70,000Inventory-estimatedreturns 42,000 Costofgoodssold(60%) 42,000SalesReturns DuringthefirstUncollectibleAccountsReceivableBaddebtsresultfromcreditcustomerswhoareunabletopaytheamounttheyowe,regardlessofcontinuingcollectionefforts.PASTDUEInconformitywiththematchingprinciple,baddebtexpenseshouldberecordedinthesameaccountingperiodinwhichthesalesrelatedtotheuncollectibleaccountwererecorded.UncollectibleAccountsReceivaUncollectibleAccountsReceivableMostbusinessesrecordanestimateofthebaddebtexpensebyanadjustingentryattheendoftheaccountingperiod.Baddebtexpense xxx Allowanceforuncollectibleaccounts xxx Contraassetaccountto
AccountsReceivable.Normallyclassifiedas
asellingexpenseand
closedatyear-end.UncollectibleAccountsReceivaAllowanceforUncollectibleAccountsNetrealizablevalueistheamountoftheaccountsreceivablethatthebusinessexpectstocollect.AccountsReceivableLess:AllowanceforUncollectibleAccountsNetRealizableValueIncomeStatementApproachBalanceSheetApproachCompositeRateAgingofReceivablesAllowanceforUncollectibleAcIncomeStatementApproachFocusesonpastcreditsalestomakeestimateofbaddebtexpense.Emphasizesthematchingprinciplebyestimatingthebaddebtexpenseassociatedwiththecurrentperiod’screditsales.Baddebtexpenseiscomputedasfollows:IncomeStatementApproachFocusIn2012,MusicLandhascreditsalesof$400,000andestimatesthat0.6%ofcreditsalesareuncollectible.WhatisBadDebtExpensefor2012?IncomeStatementApproachMusicLandcomputesestimatedBadDebtExpenseof$2,400.Baddebtexpense 2,400 Allowanceforuncollectibleaccounts 2,400 In2012,MusicLandhascreditBalanceSheetApproachFocusesonthecollectabilityofaccountsreceivabletomaketheestimateofuncollectibleaccounts.Involvesthedirectcomputationofthedesiredbalanceintheallowanceforuncollectibleaccounts.ComputethedesiredbalanceintheAllowanceforUncollectibleAccounts.BadDebtExpenseiscomputedas:BalanceSheetApproachFocusesOnDec.31,2012,MusicLandhas$50,000inAccountsReceivableanda$200creditbalanceinAllowanceforUncollectibleAccounts.Pastexperiencesuggeststhat5%ofreceivablesareuncollectible.WhatisMusicLand’sBadDebtExpensefor2012?BalanceSheetApproach
CompositeRateOnDec.31,2012,MusicLandhaDesiredbalanceinAllowance
forUncollectibleAccountsBalanceSheetApproach
CompositeRateBaddebtexpense 2,300 Allowanceforuncollectibleaccounts 2,300 DesiredbalanceinAllowance
fYear-endAccountsReceivableisbrokendownintoageclassifications.Eachagegroupinghasadifferentlikelihoodofbeinguncollectible.Computedesireduncollectibleamount.BalanceSheetApproach
AgingofReceivablesComparedesireduncollectibleamountwiththeexistingbalanceinthe
allowanceaccount.Year-endAccountsReceivablei
AtDecember31,2012,thereceivablesforEastCo,Inc.werecategorizedasfollows:BalanceSheetApproach
AgingofReceivablesAtDecember31,2012,therBalanceSheetApproach
AgingofReceivablesEastCo’sunadjustedbalanceintheallowanceaccountis$500.Perthepreviouscomputation,thedesiredbalanceis$1,350.Baddebtexpense 850 Allowanceforuncollectibleaccounts 850BalanceSheetApproach
AgingUncollectibleAccountsAsaccountsbecomeuncollectible,thisentryismade:Whenacustomermakesapaymentafteranaccounthasbeenwrittenoff,twojournalentriesarerequired.Allowanceforuncollectibleaccounts 500 Accountsreceivable 500 Accountsreceivable 500 Allowanceforuncollectibleaccounts 500Cash 500 Accountsreceivable 500 UncollectibleAccountsAsaccouIfuncollectibleaccountsareimmaterial,baddebtsaresimplyrecordedastheyoccur(withouttheuseofanallowanceaccount).DirectWrite-offMethodBaddebtsexpense xxx Accountsreceivable xxx IfuncollectibleaccountsareNotesReceivableAwrittenpromisetopayaspecific
amountataspecificfuturedate.Evenformaturitieslessthan1year,therateisannualized.NotesReceivableAwrittenpromInterest-BearingNotesOnNovember1,2012,West,Inc.loans$25,000toWinnCo.Thenotebearsinterestat12%andisdueonNovember1,2013.PreparethejournalentryonNovember1,2012,December31,2012,(year-end)andNovember1,2013forWest.November1,2012Notesreceivable 25,000 Cash 25,000December31,2012Interestreceivable 500 Interestrevenue 500November1,2013Cash 28,000 Notereceivable 25,000 Interestreceivable 500 Interestrevenue 2,500Interest-BearingNotesOnNNoninterest-BearingNotesActuallydobearinterest.Interestisdeducted
(discounted)fromtheface
valueofthenote.Cashproceedsequalface
valueofnotelessdiscount.Noninterest-BearingNotesActuNoninterest-BearingNotesOnJan.1,2012,West,Inc.accepteda$25,000noninterest-bearingnotefromWinn,Coaspaymentforasale.Thenoteisdiscountedat12%andisdueonDec.31,2012.PreparethejournalentriesonJan.1,2012,andDec.31,2012.January1,2012Notesreceivable 25,000 Discountonnotesreceivable 3,000 Salesrevenue 22,000($25,000*12%=$3,000)December31,2012Cash 25,000Discountonnotesreceivable 3,000 Interestrevenue 3,000 Notereceivable 25,000 Noninterest-BearingNotesOnJaU.S.GAAPvs.IFRSU.S.GAAPallowsa“fairvalueoption”foraccountingforreceivables.U.S.GAAPdoesnotallowreceivablestobeaccountedforas“availableforsale”investments.U.S.GAAPrequiresmoredisaggregationofaccountsandnotesreceivableinthebalancesheetornotes.Ingeneral,IFRSandU.S.GAAPareverysimilarwithrespecttoaccountsreceivableandnotesreceivable.Differencesarehighlightedbelow.IFRSrestrictsthecircumstancesinwhicha“fairvalueoption”foraccountingforreceivablesisallowed.Intheyearsbetween2010and2012,companiesmayaccountforreceivablesas“availableforsale”investmentsiftheapproachiselectedinitially.AfterJanuary1,2013,thistreatmentisnolongerallowed.U.S.GAAPvs.IFRSU.S.GAAPalFinancingWithReceivablesCompaniesmayusetheirreceivablestoobtainimmediatecash.SaleofReceivablesSecuredBorrowingFinancingWithReceivablesCompFactoringArrangementsFACTOR(Transferee)SUPPLIER(Transferor)RETAILER1.Merchandise2.AccountsReceivable3.AccountsReceivable4.Cash5.CashAfactorisafinancialinstitutionthatbuysreceivables
forcash,handlesthebillingandcollectionofthe
receivablesandchargesafeefortheservice.FactoringArrangementsFACTORSSecuredBorrowingSecuredBorrowingSaleofReceivablesTreatasasaleifalloftheseconditionsaremet:receivablesareisolatedfromtransferor.transfereehasrighttopledgeorexchangereceivables.transferordoesnothavecontroloverthereceivables.Transferorcannotrepurchase
receivablebeforematurity.Transferorcannotrequirereturn
ofspecificreceivables.SaleofReceivablesTreatasaSaleofReceivablesWithoutrecourseAnordinarysaleofreceivablestothefactor.Factorassumesallriskofuncollectibility.Controlofreceivablepassestothefactor.Receivablesareremovedfromthebooks,fairvalueofcashandotherassetsreceivedisrecorded,andafinancingexpenseorlossisrecognized.WithrecourseTransferor(seller)retainsriskofuncollectibility.Ifthetransactionfailstomeetthethreeconditionsnecessarytobeclassifiedasasale,itwillbetreatedasasecuredborrowing.SaleofReceivablesWithoutrecSaleofReceivablesInDecember2011,theSantaTeresaGlassCompanyfactoredaccountsreceivablethathadabookvalueof$600,000toFactorBank.Thetransferwasmadewithoutrecourse.Underthisarrangement,SantaTeresatransfersthe$600,000ofreceivablestoFactor,andFactorimmediatelyremitstoSantaTeresacashequalto90%ofthefactoredamount(90%×$600,000=$540,000).Factorretainstheremaining10%tocoveritsfactoringfee(equalto4%ofthetotalfactoredamount;4%×$600,000=$24,000)andtoprovideacushionagainstpotentialsalesreturnsandallowances.Assumethesamefactsasabove,exceptthatSantaTeresasoldthereceivablestoFactorwithrecourseandestimatesthefairvalueoftherecourseobligationtobe$5,000.SaleofReceivablesInDecemberInterestreceivable 5,000 Interestrevenue 5,000TransfersofNotesReceivableOnDecember31,Stridewellacceptedanine-month10percentnotefor$200,000fromacustomer.ThreemonthslateronMarch31,Stridewelldiscountedthenoteatitslocalbank.Thebank’sdiscountrateis12percent.$200,000×10%×3/12Beforepreparingthejournalentrytorecordthediscounting,StridewellmustrecordtheaccruedinterestonthenotefromDecember31untilMarch31.Interestreceivable 5,00TransfersofNotesReceivableCash 202,100Lossonsaleofnotereceivable 2,900 Notesreceivable 200,000 Interestreceivable 5,000$205,000-$202,100TransfersofNotesReceivableCDecidingWhethertoAccountforaTransferasaSaleoraSecuredBorrowingDecidingWhethertoAccountfoU.S.GAAPvs.IFRSU.S.GAAPfocusesonwhethercontrolofassetshasshiftedfromthetransferortothetransferee.TheU.S.GAAPandtheIFRSapproachesoftenleadtosimilaraccountingtreatmentfortransfersofreceivables.IFRSrequiresamorecomplexdecisionprocess.Thecompanyhastohavetransferredtherightstoreceivethecashflowsfromthereceivable,andthenconsiderswhetherthecompanyhastransferred“substantiallyalloftherisksandrewardsofownership,”aswellaswhetherthecompanyhastransferredcontrol.U.S.GAAPvs.IFRSU.S.GAAPfoThisratiomeasureshowmanytimesacompanyconvertsitsreceivablesintocasheachyear.NetSalesAverageAccountsReceivableReceivablesTurnoverRatio=Thisratioisanapproximationofthenumberofdaystheaverageaccountsreceivablebalanceisoutstanding.365
ReceivablesTurnoverRatioAverageCollectionPeriod=ReceivablesManagementThisratiomeasureshowmanytSymantecCorp.vs.CA,IparisonReceivablesManagement(Alldollaramountsinmillions)SymantecCorp.vs.CA,Inc.coAppendix7-A:CashControlsBankBalance+DepositsinTransit-OutstandingChecks±BankErrors=CorrectedBalanceBookBalance+BankCollections-ServiceCharges-NSFChecks±BookErrors=CorrectedBalanceAbankreconciliationexplainsthedifferencebetweencashreportedonbankstatementandcashbalanceonacompany’sbooks.Appendix7-A:CashControlsPettycashisusedforminorexpenditures.Hasonecustodian.Replenishedperiodically.Pettycash
fundAppendix7-A:CashControlsPettycashisusedforminoreAppendix7-B:ImpairmentofaReceivableduetoaTroubledDebtRestructuringWhenacompanyholdsareceivablefromanothercompany,thereissomepotentialthatthereceivablewilleventuallybeimpaired.Impairmentofareceivableoccursifthecompanybelievesitisprobablethatitwillnotreceiveallofthecashflows(principalandanyinterestpayments)associatedwiththereceivable.Appendix7-B:ImpairmentofaAppendix7-B:ImpairmentofaReceivableduetoaTroubledDebtRestructuringAppendix7-B:ImpairmentofaEndofChapter7EndofChapter7匯報(bào)結(jié)束謝謝大家!請(qǐng)各位批評(píng)指正匯報(bào)結(jié)束謝謝大家!請(qǐng)各位批評(píng)指正49會(huì)計(jì)學(xué)人大出版英文版第23版Chap007會(huì)計(jì)學(xué)人大出版英文版第23版Chap00750CashandCashEquivalentsBalancesin
checkingaccountsCurrencyandcoinsCashequivalentsareshort-term,highlyliquidinvestmentsthatcanbereadilyconvertedtocash.Moneymarket
fundsTreasurybillsCommercial
paperCashItemsfordepositsuchaschecksandmoneyordersfromcustomersCashandCashEquivalentsBalanInternalControlEncouragesadherencetocompanypolicies
andproceduresPromotesoperationalefficiencyMinimizeserrors
andtheftEnhancesthereliabilityandaccuracyofaccountingdataInternalControlEncouragesadhInternalControlProceduresCashReceiptsSeparateresponsibilitiesforreceivingcash,recordingcashtransactions,andreconcilingcashbalances.Matchtheamountofcashreceivedwiththeamountofcashdeposited.Closesupervisionofcash-handlingandcash-recordingactivities.CashDisbursementsAlldisbursements,exceptpettycash,madebycheck.Separateresponsibilitiesforcashdisbursementdocuments,checkauthorization,checksigning,andrecordkeeping.Checksshouldbesignedonlybyauthorizedindividuals.InternalControlProceduresCasRestrictedCashand
CompensatingBalances
RestrictedCash Management’sintenttouseacertainamount
ofcashforaspecificpurpose–futureplantexpansion,futurepaymentofdebt.
CompensatingBalance Minimumbalancethatmustbe
maintainedinacompany’sbank
accountassupportforfunds
borrowedfromthebank.RestrictedCashand
CompensatiU.S.GAAPvs.IFRSBankoverdraftsaretreatedasliabilities.Ingeneral,cashandcashequivalentsaretreatedsimilarlyunderIFRSandU.S.GAAP.Onedifferenceishighlightedbelow.Bankoverdraftsmaybeoffsetagainstothercashaccounts.U.S.GAAPvs.IFRSBankoverdraAccountsReceivableResultfromthecreditsalesofgoodsorservicestocustomers.Areclassifiedascurrentassets.Arerecordednetoftradediscounts.AccountsReceivableResultfromCashdiscountsCashDiscountsCashdiscountsCashDiscounts2/10,n/30NumberofdaysdiscountisavailableOtherwise,net(orall)isdueCredit
periodDiscountpercentCashDiscounts2/10,n/30NumberofdaysdiscouCashDiscountsSalesarerecordedattheinvoiceamounts.Salesdiscounts
arerecordedasreductionofrevenueifpaymentisreceivedwithinthediscountperiod.GrossMethodSalesarerecordedattheinvoiceamountlessthediscount.Salesdiscountsforfeitedarerecorded
asinterestrevenueifpaymentisreceivedafterthediscountperiod.NetMethodCashDiscountsSalesarerecordCashDiscountsOnOctober5,Hawthornesoldmerchandisefor$20,000withterms2/10,n/30.OnOctober14,thecustomersentacheckfor$13,720takingadvantageofthediscounttosettle$14,000oftheamount.OnNovember4,thecustomerpaidtheremaining$6,000.CashDiscountsOnOctober5Merchandisemaybereturnedbyacustomertoasupplier.Aspecialpricereduction,calledanallowance,maybegivenasanincentivetokeepthemerchandise.SalesReturnsToavoidmisstatingthefinancialstatements,salesrevenueandaccountsreceivableshouldbereducedbytheamountofreturnsintheperiodofsaleiftheamountofreturnsisanticipatedtobematerial.MerchandisemaybereturnedbySalesReturns Duringthefirstyearofoperations,Hawthornesold$2,000,000ofmerchandisethathadcostthem$1,200,000(60%).Industryexperienceindicates10%returnrate.Duringtheyear$130,000wasreturnedpriortocustomerpayment.Recordthereturnsandtheendoftheyearadjustment.ActualReturnsSalesreturns 130,000 Accountsreceivable 130,000Inventory 78,000 Costofgoodssold(60%) 78,000AdjustingEntriesSalesreturns 70,000 Allowanceforsalesreturns 70,000Inventory-estimatedreturns 42,000 Costofgoodssold(60%) 42,000SalesReturns DuringthefirstUncollectibleAccountsReceivableBaddebtsresultfromcreditcustomerswhoareunabletopaytheamounttheyowe,regardlessofcontinuingcollectionefforts.PASTDUEInconformitywiththematchingprinciple,baddebtexpenseshouldberecordedinthesameaccountingperiodinwhichthesalesrelatedtotheuncollectibleaccountwererecorded.UncollectibleAccountsReceivaUncollectibleAccountsReceivableMostbusinessesrecordanestimateofthebaddebtexpensebyanadjustingentryattheendoftheaccountingperiod.Baddebtexpense xxx Allowanceforuncollectibleaccounts xxx Contraassetaccountto
AccountsReceivable.Normallyclassifiedas
asellingexpenseand
closedatyear-end.UncollectibleAccountsReceivaAllowanceforUncollectibleAccountsNetrealizablevalueistheamountoftheaccountsreceivablethatthebusinessexpectstocollect.AccountsReceivableLess:AllowanceforUncollectibleAccountsNetRealizableValueIncomeStatementApproachBalanceSheetApproachCompositeRateAgingofReceivablesAllowanceforUncollectibleAcIncomeStatementApproachFocusesonpastcreditsalestomakeestimateofbaddebtexpense.Emphasizesthematchingprinciplebyestimatingthebaddebtexpenseassociatedwiththecurrentperiod’screditsales.Baddebtexpenseiscomputedasfollows:IncomeStatementApproachFocusIn2012,MusicLandhascreditsalesof$400,000andestimatesthat0.6%ofcreditsalesareuncollectible.WhatisBadDebtExpensefor2012?IncomeStatementApproachMusicLandcomputesestimatedBadDebtExpenseof$2,400.Baddebtexpense 2,400 Allowanceforuncollectibleaccounts 2,400 In2012,MusicLandhascreditBalanceSheetApproachFocusesonthecollectabilityofaccountsreceivabletomaketheestimateofuncollectibleaccounts.Involvesthedirectcomputationofthedesiredbalanceintheallowanceforuncollectibleaccounts.ComputethedesiredbalanceintheAllowanceforUncollectibleAccounts.BadDebtExpenseiscomputedas:BalanceSheetApproachFocusesOnDec.31,2012,MusicLandhas$50,000inAccountsReceivableanda$200creditbalanceinAllowanceforUncollectibleAccounts.Pastexperiencesuggeststhat5%ofreceivablesareuncollectible.WhatisMusicLand’sBadDebtExpensefor2012?BalanceSheetApproach
CompositeRateOnDec.31,2012,MusicLandhaDesiredbalanceinAllowance
forUncollectibleAccountsBalanceSheetApproach
CompositeRateBaddebtexpense 2,300 Allowanceforuncollectibleaccounts 2,300 DesiredbalanceinAllowance
fYear-endAccountsReceivableisbrokendownintoageclassifications.Eachagegroupinghasadifferentlikelihoodofbeinguncollectible.Computedesireduncollectibleamount.BalanceSheetApproach
AgingofReceivablesComparedesireduncollectibleamountwiththeexistingbalanceinthe
allowanceaccount.Year-endAccountsReceivablei
AtDecember31,2012,thereceivablesforEastCo,Inc.werecategorizedasfollows:BalanceSheetApproach
AgingofReceivablesAtDecember31,2012,therBalanceSheetApproach
AgingofReceivablesEastCo’sunadjustedbalanceintheallowanceaccountis$500.Perthepreviouscomputation,thedesiredbalanceis$1,350.Baddebtexpense 850 Allowanceforuncollectibleaccounts 850BalanceSheetApproach
AgingUncollectibleAccountsAsaccountsbecomeuncollectible,thisentryismade:Whenacustomermakesapaymentafteranaccounthasbeenwrittenoff,twojournalentriesarerequired.Allowanceforuncollectibleaccounts 500 Accountsreceivable 500 Accountsreceivable 500 Allowanceforuncollectibleaccounts 500Cash 500 Accountsreceivable 500 UncollectibleAccountsAsaccouIfuncollectibleaccountsareimmaterial,baddebtsaresimplyrecordedastheyoccur(withouttheuseofanallowanceaccount).DirectWrite-offMethodBaddebtsexpense xxx Accountsreceivable xxx IfuncollectibleaccountsareNotesReceivableAwrittenpromisetopayaspecific
amountataspecificfuturedate.Evenformaturitieslessthan1year,therateisannualized.NotesReceivableAwrittenpromInterest-BearingNotesOnNovember1,2012,West,Inc.loans$25,000toWinnCo.Thenotebearsinterestat12%andisdueonNovember1,2013.PreparethejournalentryonNovember1,2012,December31,2012,(year-end)andNovember1,2013forWest.November1,2012Notesreceivable 25,000 Cash 25,000December31,2012Interestreceivable 500 Interestrevenue 500November1,2013Cash 28,000 Notereceivable 25,000 Interestreceivable 500 Interestrevenue 2,500Interest-BearingNotesOnNNoninterest-BearingNotesActuallydobearinterest.Interestisdeducted
(discounted)fromtheface
valueofthenote.Cashproceedsequalface
valueofnotelessdiscount.Noninterest-BearingNotesActuNoninterest-BearingNotesOnJan.1,2012,West,Inc.accepteda$25,000noninterest-bearingnotefromWinn,Coaspaymentforasale.Thenoteisdiscountedat12%andisdueonDec.31,2012.PreparethejournalentriesonJan.1,2012,andDec.31,2012.January1,2012Notesreceivable 25,000 Discountonnotesreceivable 3,000 Salesrevenue 22,000($25,000*12%=$3,000)December31,2012Cash 25,000Discountonnotesreceivable 3,000 Interestrevenue 3,000 Notereceivable 25,000 Noninterest-BearingNotesOnJaU.S.GAAPvs.IFRSU.S.GAAPallowsa“fairvalueoption”foraccountingforreceivables.U.S.GAAPdoesnotallowreceivablestobeaccountedforas“availableforsale”investments.U.S.GAAPrequiresmoredisaggregationofaccountsandnotesreceivableinthebalancesheetornotes.Ingeneral,IFRSandU.S.GAAPareverysimilarwithrespecttoaccountsreceivableandnotesreceivable.Differencesarehighlightedbelow.IFRSrestrictsthecircumstancesinwhicha“fairvalueoption”foraccountingforreceivablesisallowed.Intheyearsbetween2010and2012,companiesmayaccountforreceivablesas“availableforsale”investmentsiftheapproachiselectedinitially.AfterJanuary1,2013,thistreatmentisnolongerallowed.U.S.GAAPvs.IFRSU.S.GAAPalFinancingWithReceivablesCompaniesmayusetheirreceivablestoobtainimmediatecash.SaleofReceivablesSecuredBorrowingFinancingWithReceivablesCompFactoringArrangementsFACTOR(Transferee)SUPPLIER(Transferor)RETAILER1.Merchandise2.AccountsReceivable3.AccountsReceivable4.Cash5.CashAfactorisafinancialinstitutionthatbuysreceivables
forcash,handlesthebillingandcollectionofthe
receivablesandchargesafeefortheservice.FactoringArrangementsFACTORSSecuredBorrowingSecuredBorrowingSaleofReceivablesTreatasasaleifalloftheseconditionsaremet:receivablesareisolatedfromtransferor.transfereehasrighttopledgeorexchangereceivables.transferordoesnothavecontroloverthereceivables.Transferorcannotrepurchase
receivablebeforematurity.Transferorc
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