Accounting and IFRS for Shipping Industry training course

Available Dates

Venue

Dec-04-2023

Dubai
Dec-18-2023

Hamburg
Dec-18-2023

Athens
Dec-25-2023

London
Jan-01-2024

Dubai
Jan-01-2024

Hamburg
Jan-01-2024

Athens
Jan-08-2024

Athens
Jan-08-2024

Hamburg
Jan-22-2024

London
Feb-19-2024

Rotterdam
Feb-19-2024

Istanbul
Mar-04-2024

Athens
Mar-04-2024

Dubai
Mar-04-2024

Hamburg
Mar-25-2024

London
Apr-15-2024

Istanbul
Apr-15-2024

Rotterdam
May-06-2024

Athens
May-06-2024

Dubai
May-06-2024

Hamburg
May-27-2024

London
June-17-2024

Istanbul
June-17-2024

Rotterdam
July-01-2024

Dubai
July-01-2024

Athens
July-01-2024

Hamburg
July-22-2024

London
Aug-19-2024

Istanbul
Aug-19-2024

Rotterdam
Sep-02-2024

Dubai
Sep-02-2024

Athens
Sep-02-2024

Hamburg
Sep-23-2024

London
Oct-21-2024

Rotterdam
Oct-21-2024

Istanbul
Nov-04-2024

Hamburg
Nov-04-2024

Athens
Nov-04-2024

Dubai
Nov-25-2024

London
Dec-16-2024

Istanbul
Dec-16-2024

Rotterdam

Course Details

The course on Accounting and IFRS for the Shipping Industry provides comprehensive training on financial reporting practices and International Financial Reporting Standards (IFRS) specifically tailored to the shipping sector. Over five days, participants will gain a deep understanding of fundamental accounting principles and regulations relevant to the industry.

The course covers various topics, including corporate governance, revenue recognition, accounting for assets, fair value measurement, consolidation of financial statements, joint arrangements, and essential reporting issues. Participants will learn how to identify shipping obligations, allocate transaction prices, and recognize revenue in compliance with IFRS 15. They will also explore accounting practices for property, plant, equipment, government grants, investment property, and financial instruments.

Additionally, the course provides insights into fair value accounting, hedge accounting, debt modification, and complex financial instruments in the shipping industry. Participants will develop skills in preparing consolidated financial statements, handling non-controlling interests, goodwill treatment, and disclosure requirements.

By the end of this course, participants will:

Understand the accounting principles and regulations specific to the shipping industry
Gain knowledge of revenue recognition in accordance with IFRS 15
Acquire expertise in accounting for property, plant, and equipment, government grants, and investment property
Comprehend fair value accounting, hedge accounting, and treatment of complex financial instruments
Develop skills in preparing consolidated financial statements and handling non-controlling interests
Learn about impairment assessment, leasing accounting, and VAT treatment in shipping
Address key reporting and disclosure issues in the shipping industry

Accounting and IFRS for Shipping Industry course designed for:

Professionals in the shipping industry, including accountants, financial managers, auditors, and professionals involved in financial reporting and compliance.
It is suitable for individuals seeking to enhance their understanding of accounting practices and regulations specific to the shipping sector. Prior knowledge of basic accounting principles and IFRS is recommended.

Course Outline

5 days course

Day 1

Day 2

Day 3

Day 4

Day 5

Corporate governance in shipping business

Revenue recognition in shipping business 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.

Accounting for Property Plant and Equipment (IAS 16) and Government Grants (IAS 20) and Investment Property (IAS 40)

Measurement of shipping assets at recognition, after recognition and derecognition
Revaluation of shipping assets
Depreciation of shipping assets
IFRS 13 - Fair Value Measurement
IFRS 9 - Financial Instruments (Hedge Accounting)
Treatment of borrowing costs
Vessel government grant accounting
Treatment of dry docking

Fair Value Accounting in Shipping
Expected credit loss model
Hedge accounting in shipping (fair value hedge and cash flow hedge)
Accounting for debt modification
Accounting for complex financial instruments.

Understanding and applying IFRS 10 in the consolidation of financial statements

Determination of control
Consolidation procedures
Preparation of consolidated Income Statement
Preparation of consolidated SOFP
Preparation of consolidated Statement of Cash Flows
Treatment of Non-controlling interests in shipping business
Treatment of Goodwill in shipping business
Treatment of intra-group items and unrealised profits

Joint Arrangements in accordance with IFRS 11

Treatment of joint arrangements, joint control, joint operations and joint ventures
Preparation of Joint Venture Accounts in accordance with IAS 28
Joint Venture Accounts for interests in Accordance with IFRS 9
Disclosure on interests in other entities in accordance with IFRS 12.

Key reporting accounting and reporting issues

Going concern assessment
Fair valuation assessment of vessels
Drydocking, construction, retrofit delays.
Impairment assessment of vessels
Impairment assessment of goodwill
Accounting for leasing in shipping in accordance with IFRS 16

Treatment of VAT and sales tax in shipping

Input VAT
Output VAT
Quarterly reporting, Annual Accounting and Cash Accounting

Accounting and IFRS for Shipping Industry

Course Info

Available Dates

Venue

Course Details

Course Outline

5 days course

Course Video

Accounting and IFRS for Shipping Industry

Course Info

Available Dates

Venue

Course Details

Course Outline

5 days course

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