Main Elements of Financial Statements
- -How a shipping accounting department works and how the accountants are practicing day to day transactions recording and summarizing in the company’s books.
- -Good knowledge of IFRS and concentration on the IAS 1, (Presentation of Financial Statements,) IAS 16 PPE (Property, Plant & Equipment ), IAS 36 Impairment of Assets and IAS 18 Revenue recognition.
- -Good command of theory and application of theory with practical examples that will help all the attendees to digest the material.
During the course, the trainer will deliver the training material in four parts presenting the simple terms of the double entry and ending to the presentation of financial statements of a shipping company. The first part cover an introduction in accounting, the composition of IASB (International Accounting Standard Board), the presentation of IAS 1 and the use and users of Financial Statements. Second part relates to IAS 16 –PPE and IAS 36 Impairment of assets ( quite relevant in shipping industry due to huge impairment in vessels’ prices ). The course continues with presentation of IAS 18 Revenue recognition and ends with voyage analysis and presentation and analysis of Financial Statements in the class.
The workshop is beneficial for those who like to take a very good picture of maritime accounting and of course to become familiar with all the shipping terminology in combination with the application of IFRS that the majority of shipping companies follows as their accounting practice in their corporate reporting.
There are practical examples that will practice the theory and the attendants will be able to apply the norms and the accounting rules through the examples.
Teaching & Learning Methods
- Classroom activities: teaching and presentations