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22-11-2018 (Singapore)

P52261 Accounting and IFRS for Shipping
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Accounting and IFRS for Shipping

22 – 23 November 2018 | Mandarin Orchard Hotel, Singapore

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Team Savings: Register 2 Delegates & the 3rd Comes free!
MCF TRAINING GRANT IS AVAILABLE FOR ELIGIBLE PARTICIPANTS.
PLEASE REFER TO WWW.MPA.GOV.SG/MCF FOR INFORMATION.

overview

Key Learning Outcomes

  • Understanding of the 5-step model of recognising revenue under IFRS 15
  • Accounting for Leasing and Sale-Leaseback Transactions
  • Understand the new leasing standard and what is changing
  • Other amendments Relevant to the Shipping Industry – who will be affected? Effects of the changes? Determining values? Exemptions and more
  • Recognizing and implementing Revenue and Costs under the new standard
  • Overview of the IFRS 9, the new financial instruments standard and how it impacts shipping?
  • Hedge accounting in shipping industry
  • Assessment of costs that can be capitalised
  • Shipping Asset Depreciation and Residual Value
  • Impairment of Non-Financial Assets
  • Group Accounts Consolidation and Joint Arrangements

Who Should Attend

This course is intended for all professionals serving in accounting or financial functions across the shipping and offshore sectors and is involved preparing and interpreting consolidated financial statements. Job functions include:

  • Accountants
  • Budget Analysts
  • Accounting Manager
  • Auditors
  • Finance Analysts, Managers & Directors
  • Chief Financial Officers
  • Financial/Cost Controllers
  • Investment Analysts
  • Consultants and Advisors

What past participants have said about our Maritime Courses:

Focused on shipping industries, practical examples and demonstration of detailed accounting entries
~ Uni-Asia Holdings

“Very interactive, objective and informed”
~ Thoresen & Co (Bangkok) Ltd

“Relevant to shipping industry, networking with shipping counterparts. The lecturer has in-depth view and knowledge in shipping. Made a few friends in accounting areas”
~ K Line Pte Ltd

“Course was informative and plenty of knowledge sharing”
~ Western Shipping Pte Ltd

“The speaker is very good. Content is relevant & may be useful for my job/future tasks. Well organized.”
~ Pacific International Lines (HK) Ltd

pricing

Packages Price
2 Day Training$3495$3295Early BirdEarly Bird

Early Bird Rate: Register and Pay on or before 28 September 2018

Register 2 Delegates & the 3rd attends FREE!
Group rate is based on normal rate of 2-day main conference package only.
For Group Registrations, email register@ibcasia.com.sg or call +65 6508 2401

 

  • Special Group Discount pricing is applicable to groups of 2 or more delegates from the same organisation registering for the same event, at the same time.
  • Fee stated is the discounted price PER DELEGATE. Only one discount applies – either the early bird rate OR the Special Group Discount.
  • All fees stated include luncheons, refreshments and complete set of documentation. It does not include the cost of accommodation and travel.
  • A 7% Goods & Services Tax (GST) is applicable to all Singapore based companies for Singapore venue.

trainer

Chetan Hans

Director – Financial Reporting Advisory Services, Grant Thornton Singapore

Jeff Vibert

Assurance leader and International Business Centre director, Grant Thornton Singapore

Agenda

DAY ONE

REVENUE RECOGNITION

IFRS 15 – overview of the new revenue standard

  • Understanding of the 5 step model of recognising revenue
  • Identify the contract(s) with the customer
    • Contract combinations
    • Contract modifications
  • Identify the performance obligations in the contract
  • Determine the transaction price
    • Guidance on variable consideration
    • Existence of significant financing component
    • Consideration payable to customer
  • Allocate the transaction price to the performance obligations
  • Recognise revenue when (or as) each performance obligation is satisfied

Impact on shipping

  • Charter income
  • Voyage income
  • Liquidated damages
  • Demurrage income
  • Principal or agent issues
  • Identifying service components in a revenue contract
  • Slot exchange arrangements
  • Onerous contracts

LEASING

  • Identifying lease contracts
  • Assessment of operating versus finance lease
  • Accounting for finance leases
  • Accounting for operating leases
  • Impact of renewal / extension options
  • Impact of contingent charter payments
  • Impact of residual value guarantees
  • Accounting for changes in estimates/ circumstances/ agreement after lease inception
  • Accounting for sale and leaseback transactions
  • New leasing standard – what’s changing from 2019
    • New definition of Lease
    • Lessee’s Accounting
    • Lessor’s accounting
    • Sale and Lease back transactions

CONSOLIDATION AND JOINT ARRANGEMENT

  • Understanding and applying IFRS 10 Consolidated
    • Concept of de facto control, voting and other rights
  • Joint arrangements under IFRS 11 Joint Arrangements
    • Joint operations – parties involved with joint control have rights to the assets and obligations for the liabilities
    • Joint ventures – parties involved with joint control have rights to the overall assets of the arrangement
  • Shipping pools
    • full control over the pool – pool consolidation
    • Joint operator of the pool – the company’s share of revenue, costs, assets and liabilities is recognised
  • Ship Chartering special purpose vehicles
  • Accounting for joint arrangements

DAY TWO

FINANCIAL INSTRUMENTS

  • FRS 109 – overview of the new financial instruments standard
    • Classification and measurement: financial asset and financial liabilities
      • Amortised cost
      • Fair value through profit or loss
      • Fair value through OCI
    • Accounting for derivatives
    • Expected credit loss model
  • Commodity purchase and supply contracts
  • Shipbuilding option agreements
  • Embedded derivatives
    • Hedge accounting in shipping
    • Fair value hedge
  • Cash flow hedge
  • Accounting for debt modifications
  • Overview of FRS 32 – Financial instruments: Presentation
    • Debt vs equity considerations
    • Compound Financial Instruments

PROPERTY, PLANT & EQUIPMENT

  • Assessment of costs that can be capitalised
  • Pre-delivery instalments
  • Borrowing costs
    • Timing of capitalisation
    • Eligible borrowing costs
    • General borrowing costs
  • Vessel government grant accounting
  • Repairs and maintenance
    • Dry-docking
  • Cost allocation and componentization when a vessel is purchased
  • Depreciation
    • Useful life
    • Residual value
    • Depreciation method

IMPAIRMENT

  • Determination of CGUs
  • Assessment of impairment indicators
    • Global economic downturn and market slump
    • Slowing demand for shipping services
    • Depressed charter rates
    • Low new build prices or ship resale prices
    • Ships and vessels lay up
    • Abnormally high scrapping fees
    • Significant physical damage to the vessel
    • Operating losses
  • Determination of FVLCTS
  • Determination of VIU
    • Differences between fair value and value in use
      • Reversal of past impairments
      • Part-completed new builds
      • Disclosure under IAS 36

TAXATION
Tonnage tax classification

when & where

22 - 23 Nov 2018

Mandarin Orchard Singapore, by Meritus
333 Orchard Road, Singapore 238867
Tel: +65 6831 6062 | Fax: +65 6737 3130
Mobile No.: +65 8298 9442
Contact Person: Tan Ai Li
Email: aili.tan@meritushotels.com
Website: www.meritushotels.com

On-site & in-house training

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