Regnskabsmæssig behandling af reverse factoring

Abstrakt

This thesis examines Reverse Factoring and its accounting treatment. The objective is to examine whether the informational value for primary users of the annual report can be strengthened in regards to Reverse Factoring disclosures. The qualitative characteristics of useful financial information as defined by IASB, are applied in this thesis as the measurement basis for evaluation the informational value. The objective is examined through a theoretical and empirical study. The theoretical study is based on an evaluation of the current IFRS standards issued by IASB. The objective of the theoretical study is to identify accounting issues that might exist for the recognition, measurement, presentation or disclosure of Reverse Factoring. The study shows that the underlying characteristics of Reverse Factoring can affect the nature of the original liability as trade payables, to an extent where it might be applicable to present the Reverse Factoring liability separately from regular trade payables to achieve faithful representation. These judgements, in respect to presentation, are based on the substance of the underlying economic characteristics of such arrangements. Subsequently disclosures shall be provided to the extent it enables users to understand the impact of these phenomena on the entity’s performance and financial position. The theoretical study shows that the overall requirements in IFRS are designed to address special phenomena such as Reverse Factoring arrangements. However, the study also shows that there are no specific requirements which address special supplier arrangements such as Reverse Factoring. Hence, it is determined that accounting issues exist provided that the primary users are not able to understand the impact from Reverse Factoring on the entity’s performance and financial position. The empirical study is designed to examine to which extent the financial information provided in the annual report, addresses the primary users need for information. The study is conducted through three interviews with professional primary users consisting of two equity analysts and one portfolio manager. The empirical study shows that the information provided in the annual reports based on the current financial regulation does not satisfy the primary users need for information on this matter. This thesis concludes that the informational value for primary users will be strengthened through specific disclosure requirements. Information enabling the users to better understand the impact from Reverse Factoring on the entity’s performance and financial position are information about; the existence of such an arrangement; to what extent the arrangement is used (e.g. numerical size); narrative description about the effect the arrangement has on the entity’s performance and financial position; narrative description surrounding the key characteristics such as payment terms, cost distribution and collaterals; and narrative description of the judgements applied to determine the presentation.