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P52299 Accounting and IFRS for Shipping Industry
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Accounting and IFRS for Shipping Industry

14 – 15 November 2019 | Mandarin Orchard Hotel, Singapore

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MCF Training Grant Is Available For Eligible Participants.
Please Refer To For Information.


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

Course Directors

Chetan Hans
Director – Financial Reporting Advisory Services
Grant Thornton Singapore

Chetan has more than 12 years of experience in servicing large national and multinational clients in the areas of Assurance, Indian GAAP, US GAAP and IFRS technical accounting advisory, specifically in the areas of financial instruments, leases, consolidation, revenue recognition and business combinations.

Chetan has extensive international experience on advising clients on IFRS and US GAAP in India, United Kingdom and United States. Chetan has expertise in:

  • Advising on technical accounting under IFRS and US GAAP;
  • Conduct IFRS and technical accounting trainings for finance teams of clients and workshops on IFRS in Singapore, India and Nepal;
  • Experience of various technical topics like leasing, revenue recognition, embedded derivatives, consolidation, joint ventures, service concession arrangements;
  • Diverse industry and international experience including working with and within teams from India, United States, United Kingdom, Middle East, Romania, Singapore.

Chetan has also worked with Accounting Advisory team of another large global accounting firm’s and Technical Accounting Group of a major US based financial institution.

Professional qualifications and memberships

  • Association of Chartered Certified Accountants (UK)
  • Chartered Financial Analyst (US)
  • Com (Hons), University of Delhi


Jeff Vibert
Assurance Leader and International Business Centre Director
Grant Thornton Singapore

Jeff has significant experience working with the public and private sectors, through a combination of statutory audit assignments, mergers and acquisitions advice, financial advisory assignments, and the provision of accounting advice.

Jeff has acted as the lead audit partner for numerous multi-national companies and Australian entities with offshore activities.

Jeff is also actively involved in professional development activities as a speaker for organizations including the Institute of Chartered Accountants.

He holds a Bachelor of Commerce degree in Accounting and Finance from the University of Western Australia and is a Fellow of the Institute of Chartered Accountants in Australia.

Professional qualifications and memberships

  • Bachelor of Commerce (Accounting and Finance) – University of WA
  • Fellow of Institute of Chartered Accountants in Australia
  • Member of the Australian Institute of Company Directors
  • Registered Public Accountant Singapore

Presentations and publications

Jeff is a regular presenter/panellist on technical and other financial issues to professional accounting and director bodies including AICD, CAANZ and ACCA. He also regularly presents at regional and international conferences of Grant Thornton International member firms.

Digital Badge

Upon completion of this training course, participants will earn a digital badge.

Earners of this badge have acquired advanced-level skills in accounting and financial reporting for shipping industry. They have conducted practical exercises with various reporting standards, including the latest updateds (e.g. IFRS 15, 9, 16). They have also practised with accounting for consolidation, joint arrangement, impairment as well as having practical understanding of tonnage tax clarification

ifrs, shipping, accounting, leasing, revenue recognition, impairment, consolidation, joint arrangement, joint venture, shipping pool, capitalisation, property, equipment, drydocking, financial instruments, charter income, tonnage tax clarification, voyage income, contract combinations, contract modifications

Attend and participate in the 2 full days of training course duration, led by the designated training expert

Available to:
Seminar attendees

Digital Badge FAQ >




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


  • 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


  • 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



  • 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


  • 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


  • 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

Tonnage tax classification

when & where

14 - 15 Nov 2019

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

On-site & in-house training

Deliver this course how you want, where you want, when you want – and save up to 40%! 8+ employees seeking training on the same topic?

Talk to us about an on-site/in-house & customised solution.


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