About the Course

The Accounting and IFRS for Shipping Industry course will highlight key accounting standards most relevant to shipping and offshore companies in the current economic climate and guide participants on how to implement them effectively in their scope of work. This course on financial accounting for the shipping industry will examine key proposed IFRS/IAS revisions under evaluation and identify how these could affect shipping companies if approved and implemented.

This accounting and IFRS for shipping course covers accounting and reporting procedures for joint arrangements such as ship pooling and the use of financial instruments and derivatives will be covered as well. In addition, the course will also address practical issues and challenges which ship owners and operators face in bookkeeping and first time IFRS adoption in times of difficult market conditions.

Who Should Attend

This course on financial accounting for the shipping industry is intended for all professionals serving in accounting or financial functions across the shipping and offshore sectors and is involved in preparing and interpreting consolidated financial statements. Job functions include:

• Accountants
• Budget Analysts
• Accounting Manager
• Auditors
• Finance Analysts, Managers & Directors
• Chief Financial Officers
• Financial/Cost Controllers
• Investment Analysts
• Consultants and Advisors

Key Learning Objectives

• Understanding of the 5-step model of recognising revenue under IFRS 15
• Overview of the IFRS 9, the new financial instruments standard and how it impacts shipping?
• Accounting for Leasing and Sale-Leaseback Transactions
• Understand the new leasing standard and what is changing
• Other amendments relevant to the shipping industry – who will be affected? Effects of the changes? Determining values? Exemptions and more
• Recognising and implementing Revenue and Costs under the new standard
• Hedge accounting in the shipping industry
• Assessment of costs that can be capitalised
• Shipping Asset Depreciation and Residual Value
• Impairment of Non-Financial Assets
• Group Accounts Consolidation and Joint Arrangements

Course Information

Instructional Delivery Method: In Person and Live Digital
Prerequisite & Advanced Preparation: Reading material will be sent prior to the course

Delivered by Chetan Hans

Chetan has more than 12 years’ experience servicing large multinational clients in the areas of Assurance, Indian GAAP, US GAAP and IFRS technical accounting advisory.

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