$1.$ Has White transferred control of the receivables?

Under U$.$S$.$ GAAP, the treatment of a transfer of accounts receivable as either a sale or a secured borrowing is based on whether the $$surrendered control over the accounts receivable to the $.$ Because the accounts receivable remain with White and White will continue to collect the receivables, it $$appear that the transferred accounts receivable have been isolated from White. Therefore, $$should account for this transfer as a secured borrowing.