The Principles of Shipping Accounting in Accordance with IFRS course provides participants a comprehensive understanding of accounting principles and practices specific to the shipping industry. Over five days, participants will delve into revenue recognition, accounting for shipping consignments, voyage accounting, performance measurement, and critical accounting and reporting issues. The course emphasizes the practical application of International Financial Reporting Standards (IFRS) in the shipping business, ensuring that participants gain practical knowledge and skills to manage shipping-related accounting tasks effectively.
By the end of the course, participants will have the knowledge and skills to navigate the complexities of shipping accounting, ensuring accurate financial reporting, effective cost management, and compliance with international accounting standards.
By the end of this course, participants will:
- Understand the principles of corporate governance as applied in the shipping industry.
- Gain proficiency in revenue recognition in the shipping business, following IFRS 15.
- Learn how to identify contracts and shipping obligations, determine transaction prices, and allocate transaction revenues to performance obligations.
- Acquire knowledge of accounting entries for consignments, including entries in the consignor's and consignee's books.
- Develop an understanding of physical inventory counts and the consignee's accounting treatment of inventory sales.
- Learn how to recognise profits in shipping consignment transactions.
- Gain insight into voyage accounting, including treating various costs and income streams.
- Understand the valuation of closing inventories and provisioning for unfinished voyages.
- Learn performance measurement techniques specific to the shipping industry, including liquidity measurement ratios, cash flow management, and debt and equity considerations.
- Acquire knowledge of accounting and reporting issues unique to the shipping industry, such as vessel valuation, impairment assessment, and joint operations arrangements under IFRS 11.
This course is ideal for accounting, financial management, and logistics professionals within the shipping industry, including those working in maritime companies, logistics firms, shipping businesses, and supply chain departments. It is suitable for:
- Accounting and finance professionals manage accounts, financial statements, and reporting in shipping companies.
- Financial managers and executives are involved in the financial decision-making process of shipping businesses.
- Auditors and consultants providing accounting and financial services to the shipping industry.
- Professionals seeking to enhance their understanding of shipping accounting principles and practices following IFRS.
- Individuals involved in shipping operations, freight handling, and inventory management.