Recognition of the Factoring Contracts within the scope of Turkey Accounting Standards with regard to the Buyer and Seller
Birsel Sabuncu
International Journal of Research in Business and Social Science · 2017 · Vol. 6 / Issue 1 · 30-46
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Abstract
In this study giving general information about factoring, which is an alternative financing technique, regarding the recognition of the factoring transactions within the scope of the Turkish Accounting Standards, by presenting a sample application in particular regard of an export transaction in relation to the accounting records which have to be done by the company that gives factoring service and receives the factoring service, a contribution to the acconting literature is put forward. In the study, it is shown that, even though the Uniform Accounting Plan which the factoring companies and the companies which use a factoring service in their accounting records differ from each other, recognition of it within the scope of the Turkish Accounting Standards is a basis. The fundamental principle of the accounting records of the company which assigns the receivables that generate from the exporting by entering into an agreement of factoring is the recognition of the income according to the fair value, by reflecting the amount which the income waits to gain the when assigning, and by separating the income which is actualised and not actualised.
Keywords: {'name': 'Factoring'}, {'name': 'Transactions'}, {'name': 'Turkish Accounting'}
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Birsel Sabuncu
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Akgüç, Ö.(1998). Financial Management, 7.edition, Avcıol Press, İstanbul.
Banking Regulatory and Supervisory Agency (BDDK). (2013). Financial Leasing, the Notification regardin the Uniform Accounting Plan which is to be applied by the Factoring and the Financing Companeis and the Offering Circular, 2.12.2013 dated 28861 numbered Official Gazette.
Örten, R., Kaval, H., Karapınar, A. (2014). Turkish Accounting–Financial Reporting Stnadards Application and Comments, 7. Edition, Gazi Bookshop, Ankara.
Financial Leasing, Factoring and Financing Companies Law. (2012). [online access: http://www.fkb.org.tr/Sites/1/upload/files/_Web_Sayfasi-307.pdf]
HSBC (2016). [online access: http://www.hsbc.com.tr/tr/ kurumsal_isletme /dis_ticaret/faktoring_maliyeti_nasil_hesaplanir.asp]
TFRS15 Revenue from the Customer Contracts, [çevrimiçi erişim: http://www.kgk.gov.tr/contents/files/Pdf/TFRS_15_Teblig.pdf
TMS 18 Revenue, [online access: http://www.kgk.gov.tr /contents/files /TFRS_2015/TMS/TMS18.pdf].
TMS 21 The Effects of the Change in Currency, [online access: http://www.kgk.gov.tr/contents/files/TFRS_2015/TMS/TMS21.pdf]
TMS 23 Borrowing Cost [online access: http://www.kgk.gov.tr/contents/files/TFRS_2015/TMS/TMS23.pdf