FINANCIAL ACCOUNTING STANDARDS 43 INDONESIAN INSTITUTE OF ACCOUNTANTS ACCOUNTING FOR FACTORING

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1 STATEMENT OF FINANCIAL ACCOUNTING STANDARDS SFAS No. 43 INDONESIAN INSTITUTE OF ACCOUNTANTS ACCOUNTING FOR FACTORING

2 Statement of Financial Accounting Standard (SFAS) No.43, ACCOUNTING FOR FACTORING, was approved by the Financial Accounting Standards Committee on XXXXXX and legalised by the XXXX of the Indonesian Institute of Accountants on XXXXXX. This Statement is not intended to apply to immaterial items. Jakarta, XXXXXX Financial Accounting Standards Committee Jusuf Halim Istini T. Sidharta Mirza Mochtar Wahjudi Prakarsa Katjep K. Abdoelkadir Jan Hoesada Hein G. Surjaatmadja Sobo Sitorus Timoty E. Marnandus Mirawati Soedjono Nur Indriantoro Rusdy Daryono Siti Ch. Fadjriah Osman Sitorus Jusuf Wibisana Yosefa Sayekti Heri Wahyu Setiyarso Chairman Vice Chairman Secretary CONTENTS Paragraphs INTRODUCTION Objective 01 Scope 02 Definitions 03 ELUCIDATION Types of Factoring Accounting of Factoring for the Factor Factoring without Recourse Factoring with Resource Accounting of Factoring for the Client Factoring without Recourse Factoring with Recourse Disclosures Disclosures by the Factor 26 Disclosures by the Client 27 STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO. 43 ACCOUNTING FOR FACTORING Disclosures Effective date 42 INTRODUCTION 1

3 Objective 01 The purpose of this statement is to deal with the accounting treatment and disclosures of factoring transactions for both the factor and the client. Scope 02 This statement only deals with the accounting treatment and disclosures for factoring transactions. This statement does not deal with the accounting treatment of receivables used as loan collateral and other transfer of asset transactions, such as asset back securitization and asset repurchase transaction. Definitions Following are definitions of terms used in this statement : Factoring is a type of financing in the form of a purchase or transfer of receivables or short term receivables of a company resulting from business transactions. Client is the company selling or transferring the receivables. Factor is a financing institution or other institution purchasing or receiving the transfer of receivables. Customers are companies having an obligation or liability to the client. Retention is that part of the factoring funds withheld by the factor as a protection against possible adjustment to the amount of receivables before maturity (for example, discount and sales return). Recourse is the right of the factor to receive payments from the client if the receivables transferred cannot be paid by the customers at the time they are due. ELUCIDATION Types of factoring 04 Factoring activities can be classified into two types, namely nonfinancing services and financing services. Non-financing services includes the administration of credit sales and the collection of the clients receivables such as: credit investigation, sales ledger administration, credit control and collection and protection against credit risk. The factor receives a fee from the clients for the rendering of these services (service fee and or handling fee). Financing services cover purchasing services and or the transfer of short term receivables from business activities including domestic and foreign trade transactions. The financing factoring can be divided into two groups: namely factoring without recourse and factoring with recourse. The factor receives interest or discount from financing factoring. 05 Factoring without recourse constitutes sales of receivables based on notification. The client sells his receivables to the factor and the factor fully bears the collection risk without the right to receive payments from the client in the event a loss occurs due to the non-collectibility of the receivables transferred. The customers make payments of the receivables transferred directly to the factor. 06 In the case of factoring with recourse, the client is obligated to pay fully (full recourse) or partly (limited recourse) the funds received from the receivables transferred, or to repurchase the receivables, in case the customers do not pay the receivables transferred on due dates. 07 Factoring with recourse shall be treated as a sale of receivables if all of the following criteria are satisfied: a. The client has no more future economic benefit and does not bear the risk of the collectibility of the receivables. b. the client s obligation in the recourse agreement can be reliably estimated c. the client has no obligation or option to repurchase the receivables. Accounting of factoring for the Factor 2

4 08 Factoring without recourse shall be recognized as factoring receivables in the amount of receivables acquired. Any difference between the factoring receivables and the amount of payments made to the client plus retention shall be recognized as income from factoring at the time of the factoring transaction. 09 Factoring receivables without recourse shall be presented at the net realizable value, whilst retention shall be recognized as a factoring retention payable and presented on the balance sheet as a liability. 10 In a factoring without recourse transaction the factor shall treat the receivables acquired from the client as a purchase of receivables. The factor acquires a right and at the same time bears the risk of the collectibility of the receivables. With this purchase, the factor recognizes the receivables transferred as an asset called account receivable factoring. On the other hand, the factor bears the risk of the collectibility of the receivables by establishing a reserve for doubtful accounts. 11 In a factoring without recourse, the factor already obtains a right on the receivables. Therefore, the part of funds withheld in respect of the factoring represents a liability called account payable factoring retention. The account payable factoring retention will decrease if there is an adjustment to the receivable, for example if the client gives a sale discount and receive a return sales and the balance will be returned to the client at the time of the final settlement of the factoring. Factoring with Recourse 12 Factoring with recourse shall be recognized as a factoring receivable in the amount of receivables acquired. Any difference between the factoring receivables and the amount of payments made to the client plus retention shall be recognized as deferred income during the factoring period. 13 Factoring with recourse basically constitutes a loan with receivables as collateral. Therefore, any difference between the factoring receivable and the amounts paid to the client plus retention, constitute deferred factoring income which shall be recognized as income during the factoring period. 14 Factoring with recourse receivables shall be presented at the net realizable value with the retention shown as a deduction of the factoring receivables. 15 Although the collectibility risk under factoring with recourse remains with the client, the factor still bears the risk of collectibility on the financing provided. Therefore, factoring with recourse receivables must be presented at the net realizable value. 16 In a factoring with recourse, retention represents part of the loan withheld as a protection against the probability of an adjustment to the receivables. Accordingly, the presentation of retention as a deduction of the factoring receivables more reflects the real amount of the loan. Accounting of factoring for the client Factoring without Recourse 17 Factoring without recourse shall be treated as a sale of the receivables. Any difference between the amount of receivables transferred and funds received plus retention shall be recognized as a loss from the factoring transaction. 18 Factoring without recourse is in substance a sale of receivables. The client has no more economic benefit and no longer bears the risk on the collectibility of the receivables transferred. The substance of the sales of the receivables is the reduction of the amounts of the recorded receivables and the occurance of a loss or gain. In a factoring without recourse the client has transferred the collectibility risk of the receivables so that a provision for doubtful accounts is not needed. 19 Any loss from factoring without recourse transaction shall be recognized as an expense at the time of transaction and shall be presented in the profit and loss statement as an operating expense. 3

5 20 Funds withheld (retention) by the factor in respect of factoring without recourse shall be recognized as a factoring retention receivable and presented on the balance sheet as current asset. 21 In general the factor withholds part of the funds from factoring as a protection against the probability of adjustment to the receivables transferred, such as discount and return sales. This retention shall be returned by the factor to the client on maturity date and for this reason shall be recorded as a factoring retention receivable at the time of transaction. Factoring with Recourse 22 Factoring with recourse shall be recognized as a factoring liability in the amount of the receivables transferred. Any difference between the amount of receivables transferred and funds received plus retention shall be recognized as interest expense during the factoring period. 23 In a factoring with recourse, the client is obligated to make payments to the factor, if the receivables transferred were not paid by the customers on due date. This type of factoring is in substance as loan with the receivables as collateral. Accordingly, the client shall recognize the factoring as a liability and shall continue to recognize these receivables in the financial statements. Since the collectibility risk remains with the client, the client must present the receivables at their net realizable values by establishing a reserve for doubtful accounts. 24 The factoring obligation shall be presented on the balance sheet in the amount of the receivables transferred less retention and unamortized interest expenses. 25 Retention is not an obligation in a factoring with recourse. Therefore, the presention of retention as a reduction of the liability more reflects the real factoring liability. 26 Adequate disclosures must be made in the notes to the financial statements in respects of the following: a. the accounting policy used for factoring b. the total amount of factoring without recourse receivables, including factoring with recourse receivables that meet the sale criteria, the total of factoring retention liability and factoring income and disclosures regarding other important commitments contained in the factoring agreement. c. the total amount of factoring with recourse shall be disclosed as follows: Rp. Factoring Receivables Deferred factoring income Retention xxx Provision for doubtful accounts Net factoring receivables xxx d. Disclosures of important commitments dealt with in the agreement of factoring with recourse cover a.o.: interest rate, maturity date and the total of receivables acquired. Disclosures by the Client 27 Adequate disclosures must be made in the notes to the financial statements in respect of the following: a. The accounting policy on factoring transactions, either without or with recourse. b. The total amount of factoring with recourse receivables, transferred, including factoring with recourse receivables that meet the sale criteria. The disclosures shall cover interest expenses, retention, maturity date, the amount of receivables transferred and other important commitments contained in the factoring agreement. The total factoring with recourse liability shall be disclosed as follows: Rp. 4

6 Factoring liability xxx Retention Unamortized interest expense Net factoring liability xxx STATEMENT OF THE FINANCIAL ACCOUNTING STANDARD No. 43 ACCOUNTING FOR FACTORING Statement of Financial Accounting Standard No. 43 consists of paragraphs This Standard should be read in the context of paragraphs Types of Factoring 28 Factoring without recourse constitutes a sale of receivables based on notification. The client sells his receivables based on notification. The clients sells his receivables to the factor and the factor fully bears the collectibility risk, without the right to receive payments from the client in the event a loss occurs due to the non-collectibility of the receivables transferred directly to the factor. 29 In the case of factoring with recourse, the client is obligated to pay fully (full recourse) or partly (limited recourse) the funds received from the receivables transferred, or to repurchase the receivables transferred, in case the customers do not pay the receivables transferred on due dates. 30 Factoring with recourse shall be treated as a sale of receivables, if all of the following criteria are satisfied: a. The client has not more future economic benefit and does not bear the risk of the collectibility of the receivables; b. The client s obligation in the recourse agreement can be reliably estimated; Accounting of Factoring for the Factor Factoring without Recourse 31 Factoring without recourse shall be recognized as a factoring receivable in the amount of receivables acquired. Any difference between the factoring receivables and the amount of payments made to the client plus retention shall be recognized as income from factoring at the time of the factoring transaction. 32 Factoring receivables without recourse shall be presented at the net realizable value, whilst retention shall be recognized as a factoring retention payable and presented on the balance sheet as a liability. Factoring with Recourse 33 Factoring with recourse shall be recognized as a factoring receivable in the amount of the receivables acquired. Any difference between the factoring receivables and the amount of payments made to the client plus retention shall be recognized as deferred income during the factoring period. 34 Factoring with recourse shall be presented at the net realizable value with the retention shown as a deduction of the factoring receivables. Accounting of Factoring for the Client Factoring without Recourse 35 Factoring without recourse shall be treated as a sale of the receivables, any difference between the amount of receivables transferred and funds received plus retention shall be recognized as a loss from the factoring transaction. c. The client has no obligation or option to repurchase the receivables. 5

7 36 Any loss from factoring without recourse shall be recognized as an expense at the time of transaction and shall be presented in the profit and loss statement as an operating expense. 37 Funds withheld (retention) by the factor in respect of factoring without recourse shall be recognized as a factoring retention receivable and presented on the balance sheet as current asset. Factoring with Recourse 38 Factoring with recourse shall be recognized as a factoring liability in the amount of receivables transferred. Any difference between the amount of receivables transferred and funds received plus retention shall be recognized as interest expense during the factoring period. 39 The factoring liability shall be presented on the balance sheet in the amount of the receivables transferred less retention and unamortized interest expense. Disclosures Disclosures by the factor 40 Adequate disclosures must be made in the notes to the financial statements in respect of the following: a. The accounting policy used for factoring b. The total amount of factoring without recourse receivables, including factoring with recourse receivables that meet the sale criteria, the total of factoring retention liability and factoring income and disclosures regarding other important commitments contained in the factoring agreement. c. The total amount of factoring with recourse receivables shall be disclosed as follows: Rp. Factoring Receivables xxx Deferred factoring income Retention xxx Provision for doubtful accounts Net factoring receivables xxx d. Disclosures of important commitments contained in the factoring agreement with recourse cover a.o.: interest rate, maturity date and the total of receivables acquired. Disclosures by the Client 41 Adequate disclosures must be made in the notes to the Financial Statements in respect of the following: a. The accounting policy on factoring transactions, either without or with recourse. b. The total amount of factoring with recourse receivables transferred, including factoring with recourse receivables that meet the sale criteria. The disclosures shall also cover the amount of loss, factoring retention receivables, maturity date and other important commitments contained in the factoring agreement. c. The amount of factoring liability in respect of factoring with recourse. The disclosures shall cover interest expenses, retention, maturity date, the amount of receivables transferred and other important commitments contained in the factoring agreement. d. The total factoring with recourse liability shall be disclosed as follows: Factoring liability Rp. xxx 6

8 Retention Unamortized Interest expense Net factoring liability xxx Effective Date 42 This statement becomes effective for the preparation and presentation of Financial Statements covering the period beginning with or after 1 January Early implementation is encouraged. 7

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