ABOUT THE SEMINAR

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/ship management 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.
TOPICS COVERED

Introduction to Shipping Industry

• Overview of the Shipping Market and its Economic Drivers
• Anatomy of a Shipping Company & its Vessels

Financial Reporting and Accounting (in accordance with International Financial Reporting Standards)

• Financial Reporting Framework
• Introduction to Financial Statements
• Accounting Policies, Changes in Accounting Estimates and Errors
• Events After the Reporting Period
• Vessel and Depreciation Accounting
• Vessel Impairment and ‘Value in Use’ Testing
• Inventories’ Measurement
• Provisions and Contingencies
• Expenses
• Revenue
• Accruals and Prepayments Concept
• Consolidated Financial Statements & Business Combinations

Analysis of a real-world Shipping Company’s Financial Statements

Other Aspects of Shipping Accounting

• Budgeting for Shipping Companies
• Accounting for Port Agent Disbursements
• Master’s General Account

Professional Accountant of the Future

IDEAL FOR:

The seminar is addressed to ship owners, CEOs, COOs, CFOs, finance and accounting directors, managers, supervisors, financial analysts, auditors, bank executives, accountants, assistants, other related finance, accounting and maritime executives, associates, graduates, and students.

Fees: 500 € (Including tuition fees & reading material)
ICS Members are eligible to a 20% discount on all HMC Professional Maritime Seminars.

Tutor & CV

Paraskevas Kousounadis, FCCA, FICS

Mr. Kousounadis is a Chartered Certified Accountant with substantial expertise in finance and accounting in the maritime industry. He currently serves as a Financial Manager for a long-standing Greek shipmanagement company. He has obtained a BSc (Hons) degree in Applied Accounting, as well as in Biomedical Sciences. He is a Fellow member of the Institute of Chartered Shipbrokers (ICS), the Association of Chartered Certified Accountants (ACCA), the Institute of Certified Public Accountants of Greece, the Economic Chamber of Greece, and the Shipping Professional Network of London. He is also a Certified Internal Auditor (ISM-ISPS-MLC) for Shipping Companies granted by DNV-GL. Additionally, he lectures on financial and maritime accounting at Globaltraning (an affiliate of the University of Nicosia) and the Hellenic Management Center (Institute of Chartered Shipbrokers Greek Branch), both of which are pioneering institutions in providing professional education and training globally. He possesses considerable knowledge of financial and accounting processes and has a complete comprehension of financial audits and internal control systems onshore and onboard.