SHIPPING ACCOUNTING ONLINE SEMINAR

Shipping plays a central part in the global economy, and its well-documented history gives maritime economists a unique perspective on the way the industry’s economic mechanisms have evolved. The seminar aims to introduce the shipping industry as well as to present and examine the accounting and finance function of a shipowning/ship management Company. It will equip participants with the theoretical and practical knowledge of International Financial Reporting Standards and their implication on the shipping company’s financial position and performance.

Introduction to Shipping Industry

Overview of the Shipping Market and its Economic Drivers

Anatomy of a Shipping Company & its Vessels

Financial Reporting and Accounting (in accordance with International Financial Reporting Standards)

Financial Reporting Framework

Introduction to Financial Statements

Accounting Policies, Changes in Accounting Estimates and Errors

Events After the Reporting Period

Vessel and Depreciation Accounting

Vessel Impairment and ‘Value in Use’ Testing

Inventories’ Measurement

Provisions and Contingencies

Expenses

Revenue

Accruals and Prepayments Concept

Consolidated Financial Statements & Business Combinations

Analysis of a real-world Shipping Company’s Financial Statements

 Other Aspects of Shipping Accounting

Budgeting for Shipping Companies

Accounting for Port Agent Disbursements

Master’s General Account

 Professional Accountant of the Future

Paraskevas Kousounadis, FCCA, FICS

Mr. Kousounadis is a Chartered Certified Accountant with substantial expertise in finance and accounting in the maritime industry. He currently serves as a Financial Manager for a long-standing Greek shipmanagement company. He has obtained a BSc (Hons) degree in Applied Accounting, as well as in Biomedical Sciences. He is a Fellow member of the Institute of Chartered Shipbrokers (ICS), the Association of Chartered Certified Accountants (ACCA), the Institute of Certified Public Accountants of Greece, the Economic Chamber of Greece, and the Shipping Professional Network of London. He is also a Certified Internal Auditor (ISM-ISPS-MLC) for Shipping Companies granted by DNV-GL. Additionally, he lectures on financial and maritime accounting at Globaltraning (an affiliate of the University of Nicosia) and the Hellenic Management Center (Institute of Chartered Shipbrokers Greek Branch), both of which are pioneering institutions in providing professional education and training globally. He possesses considerable knowledge of financial and accounting processes and has a complete comprehension of financial audits and internal control systems onshore and onboard.