Shipping plays a central part in the global economy, and its well-documented history gives maritime economists a unique perspective on the way the industry’s economic mechanisms have evolved. The seminar aims to introduce the shipping industry as well as to present and examine the accounting and finance function of a shipowning/shipmanagement Company. It will equip participants with the theoretical and practical knowledge of International Financial Reporting Standards and their implication on the shipping company’s financial position and performance.

SPECIFIC AREAS COVERED

INTRODUCTION TO SHIPPING INDUSTRY

• Shipping market and its economic drivers
• The shipping company and the ship

FINANCIAL REPORTING & ACCOUNTING IN THE SHIPPING COMPANY (IN ACCORDANCE WITH IFRS)

• Financial reporting framework
• Introduction to financial statements
• Accounting policies, changes in accounting estimates and errors
• Events after the reporting period
• Vessel
• Impairment of vessel
• Vessel held for sale and discontinued operations
• Inventories Leases
• Provisions, contingent liabilities and contingent assets
• Related parties
• Expenses
• Revenue
• Accruals concept Introduction to business combinations and consolidated FS
• Other Aspects of Shipping Accounting & Finance
• Budgeting
• Port agent disbursement account
• Master’s general account
• Professional accountants of the future