Kapalı

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

Beceriler: Muhasebe, Finans, Vergi, Muhasebecilik, Intuit QuickBooks

İşveren Hakkında:
( 1 değerlendirme ) Cheltenham, United Kingdom

Proje NO: #32748459

Bu iş için 25 freelancer ortalamada £148 teklif veriyor

(168 Değerlendirme)
7.8
(42 Değerlendirme)
6.1
Naumanahmed11

Greetings Sir I have read the description and interested to offer you my services as i have good expertise in implementing IFRS , IAS and have worked for many clients from UK. I have also filed tax returns with HMRC. Daha Fazla

1 gün içinde %bids___i_sum_sub_32%%project_currencyDetails_sign_sub_33% GBP
(25 Değerlendirme)
5.5
Goodfreelancer1

Hello, I am an expert in Accounting. I can help you in your project. I have completed these projects. Please have a look: https://www.freelancer.com/projects/accounting/Answering-accounting-exam-question-for/review Daha Fazla

£200 GBP in 7 gün içinde
(39 Değerlendirme)
5.4
(33 Değerlendirme)
5.1
(45 Değerlendirme)
5.3
faizan1091

Greetings! I am pleased to offer you my professional services I understand your requirements and am eager to tell you that I may have the best deal for you. I am available to fulfill your all project details which you Daha Fazla

£200 GBP in 5 gün içinde
(7 Değerlendirme)
4.5
(2 Değerlendirme)
4.3
(19 Değerlendirme)
4.5
MuhammadAdil17

Hello dear, I habe read your post perfectly understand Cannot bore you with long proposal, i can help you in this issue, i am at your service, please contact that i can help you. Shortly my profession and expertise are Daha Fazla

1 gün içinde %bids___i_sum_sub_32%%project_currencyDetails_sign_sub_33% GBP
(2 Değerlendirme)
3.1
shahidacca24

Hi, I have read your proposal, Your client is not following Double entry of Bookkeeping, and they are recooding Net profit or loss. The entity has control over goods that has been manufactured for sale to customer and Daha Fazla

£170 GBP in 2 gün içinde
(1 Yorum)
1.5
wahajkay

Being a QuickBooks Certified Advisor and being in financial service industry for more than 7 years performing QuickBooks bookkeeping and implementations. I can handle the bookkeeping and present your financials in Quic Daha Fazla

£30 GBP in 7 gün içinde
(2 Değerlendirme)
1.6
UbaidACMA

Hey Client, I read your task above, Being a Certified Cost & Management Accountant having professional experience of more then 6 years I am sure I can help you. Kindly inbox me for further details. Regards, Ubaid U Daha Fazla

£160 GBP in 7 gün içinde
(1 Yorum)
1.0
Sabasultana2211

Because I am sure I can do this , I have studied strategic planning, I can better make strategies and solve the problem.

£150 GBP in 7 gün içinde
(0 Değerlendirme)
0.0
sudeer1982

I have worked for finance operation & reporting for UK entities. Also I have managed statutory filings as well.

£135 GBP in 7 gün içinde
(0 Değerlendirme)
0.0
tanveer1972

I am Chartered Accountant and working with UK companies and submitted statutory reports all sizes of organizations with Home Office. I have done in following areas; - Preparation of annual accounts (Profit & Loss, Bala Daha Fazla

£135 GBP in 7 gün içinde
(0 Değerlendirme)
0.0
prashid15

Well, all i can say is that you guys will not be disappointed with me. I only can prove my self i get to work with you guys.

£135 GBP in 7 gün içinde
(0 Değerlendirme)
0.0
talhamann

I am a fully qualified chartered accountant and international tax consultant with more than 10 years experience in audit and finance having worked in a big 4 accounting practice(EY), currently working in a US based IT Daha Fazla

£200 GBP in 7 gün içinde
(0 Değerlendirme)
0.0
businesstaken4

I have work expirance of 5 years in accounting and auditing field. I have worked with HDFC Ltd., SML Ltd. etc.

£135 GBP in 7 gün içinde
(0 Değerlendirme)
0.0
jakconsultancy

Greetings, I am an "Association of Chartered Certified Accountants" (ACCA) with more than 4 years of experience in the field of Accountancy, Audit and Taxation. I am an expert in doing Bookkeeping in Excel, QuickBooks. Daha Fazla

£200 GBP in 7 gün içinde
(0 Değerlendirme)
0.0