Accounting for Maritime Carriers
Course Info
Length:
Type:
Course Details
Introduction
Objective
Who should attend
The Accounting for Maritime Carriers training course provides comprehensive knowledge and practical guidance on accounting principles and practices specific to the maritime industry. Over five days, participants will delve into various accounting topics, including revenue recognition, property plant and equipment, investment property, fair value accounting, lease accounting, consolidation of financial statements, joint arrangements, and critical reporting issues.
Through interactive sessions, participants will learn to identify contracts, shipping obligations and determine transaction prices in accordance with IFRS 15.
They will also explore accounting for property plant and equipment, government grants, and investment property in compliance with IAS standards.
The course will cover fair value accounting, lease accounting under IFRS 16, and the treatment of VAT and sales tax in the shipping industry.
Course Outline
Accounting for contracts in accordance with IFRS 15
- Identification of contract with the appropriate customers/clients
- Identification of shipping obligations with the contract
- Determination of the shipping transaction price
- Allocation of the transaction price to the performance obligations
- Recognition of shipping revenue when each performance obligation is completed
