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UK Accounting knowledge

I have an accountancy practice and require help with certain questions relating to Financial Reporting for UK Entities (FRS 102,105) and broad questions around structuring transactions etc. I require someone knowledgeable with considerable experience whom I can trust in order to provide the right guidance. I see this as a long term propostion as opposed to a one-off requirement. I do not require specific tax advice unless you have this knowledge too ofcourse.

First task:

My Client buys and sells goods, but according to simple accounting rules my client only accounts for the net revenue (not split out by gross/cost of sales) as my client doesn't hold any risk for the goods. However he is claiming the following:

But one of the factors in the link that you sent through on determining whether a reporting entity controlled a good before it transferred it to the customer was whether it had any "discretion in establishing the price for the specified good or service" - which I do

As my services are part of a tripartite agreement between my buyers and suppliers, where I influence the prices agreed, ensure the quality checks and mediate any disputes - do I not count as having a degree of control over the goods transacted?

In effect I am ceding my full economic benefit to the supplier by allowing the buyer to pay them directly, rather than forcing the buyer to pay me first and me then flipping that payment straight over to the supplier.

Is there a way of accounting for this ceding of economic benefit to my suppliers in our own revenue? Could it be accounted for as a form of trade/supplier finance from them that is then settled by our buyers on our behalf...? Thus reflecting the nature of the tripartite agreement and explaining why the cash doesn't flow through us.

This will also apply to contracts that we have where we receive a Letter of Credit for the sale of the product, which is received by a financier, and they (or another separate financier) issue another Letter of Credit to our supplier for the purchase of the goods.

Thus creating 2 back to back Letters of Credit, for both the purchase and resell of a product, where the bank/financier receiving and issuing the LCs is receiving and issuing the payments, as per the LCs instructions, leaving us with the price difference as our margin

So I’d need to know how to account for this, as they are still our transactions, just going through our financier

Навыки: Бухгалтерия, Финансы, Налог, Бухгалтерия, Intuit QuickBooks

О клиенте:
( 1 отзыв ) Cheltenham, United Kingdom

ID проекта: #32748459

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