INTRODUCTION
The Accounting for Maritime Carriers training course provides comprehensive knowledge and practical guidance on accounting principles and practices specific to the maritime industry. Over five days, participants will delve into various accounting topics, including revenue recognition, property plant and equipment, investment property, fair value accounting, lease accounting, consolidation of financial statements, joint arrangements, and critical reporting issues. Through interactive sessions, participants will learn to identify contracts, shipping obligations and determine transaction prices in accordance with IFRS 15. They will also explore accounting for property plant and equipment, government grants, and investment property in compliance with IAS standards.
The course will cover fair value accounting, lease accounting under IFRS 16, and the treatment of VAT and sales tax in the shipping industry.
OBJECTIVES
Upon completion of this course, participants will be able to:
Understand the accounting principles and practices specific to maritime carriers. Identify and apply International Financial Reporting Standards (IFRS) applicable to the maritime industry.
Gain knowledge and skills related to accounting for contracts, property plant and equipment, government grants, investment property, fair value accounting, lease accounting, consolidation of financial statements, and critical reporting issues.
Learn how to identify shipping obligations, determine transaction prices, allocate revenue to performance obligations, and recognize shipping revenue.
Explore cost models, revaluation of shipping assets, depreciation, fair value measurement, lease accounting, joint arrangements, impairment assessments, VAT treatment, and reporting requirements in the context of the maritime industry.
WHO SHOULD ATTEND ?
Accounting for Maritime Carriers course is designed for:
Accounting and finance professionals in the maritime industry
Operations managers in maritime carriers
Financial analysts and auditors specializing in the maritime sector
Professionals involved in financial reporting and consolidation
Individuals seeking a comprehensive understanding of accounting practices in maritime carriers
COURSE OUTLINE
Day 1
Accounting for contracts 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
Day 2
Accounting for Property Plant and Equipment (IAS 16) and Government Grants (IAS 20) and Investment Property (IAS 40)
Cost or revaluation model
Component approach
Major maintenance and overhaul costs (including drydocking and special survey costs)
Impairment of long-lived and indefinite-lived assets
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
Day 3
Fair Value Accounting in Shipping
Lease accounting in shipping
Sale-leaseback transactions
Valuation of Financial Instruments
Expected credit loss model
Hedge accounting in shipping (fair value hedge and cash flow hedge)
Accounting for debt modification
Accounting for complex financial instruments.
Day 4
Understanding and applying IFRS 10 in the consolidation of financial statements
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.
Day 5
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
IN-HOUSE TRAINING
LMA Training is capable of conducting this training programme exclusively for your delegates. Please e-mail us on admin@lmitac.com for further information and/or to receive a comprehensive proposal.
DOCUMENTATION
High-Quality material has been prepared by the LMAteam for distribution to delegates. In addition, a special note pad to facilitate note-taking will be provided.
CERTIFICATES
Accredited Certificate of completion will be issued to those who attend & successfully complete the programme.
SCHEDULE
Our Course timings commence at 09:00AM12:45PM and 01:00PM - 05:00PM.
REGISTRATION & PAYMENT
Please complete the registration form on the course page & return it to us indicating your preferred mode of payment. For Further Information, please get in touch with us.
CANCELLATION AND REFUND POLICY
Delegates have 14 days from the date of booking to cancel and receive a full refund or transfer to another date free of charge. If less than 14 days notice is given then we will be unable to refund or cancel the booking unless on medical grounds. For more details about the Cancellation and Refund policy, please visit www.lmitac.com/terms-and-conditions/
TRAVEL AND TRANSPORT
We are committed to picking up and dropping off the participants from the airport to the hotel and back.
CONTACT INFO
LONDON
London - Oxford Street 25 N Row, London W1K 6DJ
+44 (0) 20 36 916 970
Info@lmitac.com
DUBAI
Business Bay, ParkLane Tower, Offices 718 - 719
+971 43880094
Info@lmitac.com