Main Elements of Financial Statements

Short Description/Aims

Workshop: a maritime accounting approach in combination with international financial reporting standards. Shipping is one of the world’s most international industries. According to Carlo Cippola (The economic history of world population), shipping is indeed one of the prime forces responsible for shifting the world from an essentially national system to the global economy that exists today. The core of each national economy is the firm. The core of maritime industry is the shipping company. The actual players in the last 100 years are the British nation, the Norwegians, the Japanese & the Greeks. Before you work for a shipping company all graduates and postgraduates have to know the business/industry and to know how to read financial statements in order to be able to analyze the figures and afford them selves to be professional while delivering their services to their owners/shareholders. Accounting considered to be the basis for all the other activities supporting from the use of double entry till the preparation of financial statements and the interpretation providing its users accurate information for their future investments and actions.

Learning Outcomes

  • -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.

Course Outline

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

Who should attend

This workshop is customized for those who want to challenge themselves with their ultimate goal to work in shipping company irrespective of not if they carry accounting background or not. The following professionals can attend: • Graduates/ Postgraduates • Junior accountants • Auditors • managerial staff that do not incorporate accounting background but need a familiarity with maritime approach. • Consultants who are involved in shipping industry From the above list, they are welcome all those who might not have a shipping background but they desperately need to take a shipping insight and take a route in shipping career path. (Familiarity will take place at the beginning of the course)

Course length

1 day

Mode of Delivery

Customized