Search on the Internet for the 2016 annual report for Sanofi-Aventis. Find the accounts receivable disclosure note.

Required:
1. Has Sanofi-Aventis factored or securitized accounts receivable? How do you know?
2. Assume that Sanofi-Aventis decided to increase the extent to which it securitizes its accounts receivable, changing to a policy of securitizing accounts receivable immediately upon making a sale and treating the securitization as a sale of accounts receivable. Indicate the likely effect of that change in policy on
a. Accounts receivable in the period of the change (reduce, increase, or no change from prior period)
b. Cash flow from operations in the period of the change (reduce, increase, or no change from prior period)
c. Accounts receivable in subsequent periods (stabilize at higher, lower or same level as in periods prior to the change)
d. Cash flow from operations in subsequent periods (stabilize at higher, lower or same level as in periods prior to the change)
3. Given your answers to requirement 2, could a company change the extent to which it factors or securitizes receivables to create one-time changes in its cash flow? Answer yes or no, and explain.