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(ii)  Factored receivables

As Highwood still bears the risk of the non-payment of the receivables, the substance of this transaction is a loan. Thus the receivables must remain on Highwood’s statement of financial position and the proceeds of the ‘sale’ treated as a current liability. The difference between the factored receivables (10,000) and the loan received (8,700) of $1·3 million, which has been charged to administrative expenses, should be reversed except for $600,000 which should be treated as an allowance for uncollectible receivables.