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.