Accounting & IFRS for Shipping Masterclass

As new lease accounting standards and IFRS come into effect, shipping companies need to be prepared for the new presentation and disclosure requirements. Many will need to make changes to their systems and ensure their accounting practices are up to date in order to be ready.

This Accounting & IFRS For Shipping Industry Masterclass has been specially designed and intended for all professionals in accounting or financial functions across the shipping and offshore sectors and is involved preparing and interpreting consolidated financial statements.

Through applications on real cases, lessons learned from case studies, project exercise discussions and blueprint strategies and techniques, attendees will find out how you can apply the latest accounting and IFRS standards to your current financial and accounting processes.

As new lease accounting standards and IFRS come into effect, shipping companies need to be prepared for the new presentation and disclosure requirements. Many will need to make changes to their systems and ensure their accounting practices are up to date in order to be ready.

This Accounting & IFRS For Shipping Industry Masterclass has been specially designed and intended for all professionals in accounting or financial functions across the shipping and offshore sectors and is involved preparing and interpreting consolidated financial statements.

Key Learning Objectives:

• Gain insights on IFRS 17 and minimize your learning curve for getting to speed with its principles

• Appreciate the major technical differences between existing IFRS 4 and IFRS 17 requirements

• Learn how to identify which transactions are within the scope of IFRS 17 and how to choose your approach to transition

• Find out how to determine whether non-insurance elements require separation

• Find out how to make use of solvency II models for developing IFRS 17 Accounting Models

• Evaluate the accounting methodologies prescribed in IFRS 17 and evaluate its impact on your financial statements

• Analyse the presentation and disclosure requirements in financial statements that come with IFRS 17

• Understand the fundamentals of the General Measurement Models and Presentation Techniques

• Learn how to overcome the operational challenges of IFRS 17 and plan for implementation

• Hear global case studies and lessons learnt on the successful applications of IFRS 17 for Insurers

Through applications on real cases, lessons learned from case studies, project exercise discussions and blueprint strategies and techniques, attendees will find out how you can apply the latest accounting and IFRS standards to your current financial and accounting processes.

10 Reasons Why You Must Attend This Masterclass:

• Gain Understanding of the 5-step model of recognising revenue under IFRS 15

• Learn about Accounting for Leasing and Sale-Leaseback Transactions

• Understand the new leasing standard and what is changing – Implications for Shipping Industry

• Evaluate Other IFRS & Accounting Amendments Relevant to the Shipping Industry including who will be affected, Effects of the changes, Determining values, Exemptions and more

• Recognizing and Implementing Revenue and Costs under the new standards

• Understand IFRS 9, the new financial instruments standard and how it impacts shipping

• Gain insights into Hedge Accounting for the shipping industry

• Assessment of costs that can be capitalised for the Shipping Industry

• Hear about Shipping Asset Depreciation and Residual Value, Impairment of Non-Financial Assets

• Learn about Group Accounts Consolidation and Joint Arrangements

Who Should Attend?

The course is designed for professionals particularly from insurers and reinsurers who would like to gain an understanding of the requirements of IFRS 17 and its impact on the financial statements. It would be beneficial for those working in finance, financial reporting,  risk and actuarial teams, regulatory reporting and data management involved in implementation of IFRS 17 as well as management, analysts, legal teams and others who would like to gain working knowledge and know the impact of the IFRS 17 standards on the financial statements.