AR Securitization Accounting
Can someone let me know the accounting for an AR securitization facility? I know it's generally considered off-balance sheet debt, but I also thought that it acted similar to a revolver and was only an available traunch of debt that a company can draw upon when needed. So, assuming that I securitize $100mm of my AR, would that simply be an off-balance sheet activity and only impact my statements if I draw on it. So, assuming that I utilize $20mm of it, then debt and cash would increase by the $20mm?