Shipping Accounting (IFRS & US GAAP) & Finance, using Benefit Software

Introduction

The training course “Shipping Accounting (IFRS & US GAAP) & Finance, using Benefit Software” is structured into three self-contained teaching/thematic units. The aim of the Course is to provide professionals with up-to-date, comprehensive and applied knowledge of Shipping Accounting and of Special Topics in the Finance, Auditing and Taxation of Shipping Companies, so that they can respond efficiently to the particular features of today’s shipping business environment and to the demanding and evolving regulatory framework of IFRS and US GAAP. It also provides substantial knowledge of the use of the BENEFIT SOFTWARE ERP system in matters relating to the seminar and beyond. On completion of the Course, trainees will be able to handle these matters effectively and confidently, and to provide well-founded solutions and advice, thereby advancing their careers.

The Course has been designed for professionals in the field (chartered accountants and auditors in the shipping sector, executives in the shipping and banking sectors), academics (professors of the Department of Maritime Studies of the University of Piraeus), as well as for those who, having a suitable educational background, aim to enter and advance in the profession. In particular, the Course meets the needs of those who wish to supplement or quickly acquire comprehensive knowledge of, and the ability to apply in practice, Shipping Accounting, Finance, Auditing and Taxation of Shipping Companies. On completion of the Course, participants are expected to be able to:

understand key concepts of Financial Accounting and Finance that are essential for examining special topics in Shipping Accounting.
gain an in-depth understanding of fundamental concepts relating to shipping and maritime transport.
know the legal forms of shipping companies in ship taxation, with examples and exercises.
analyse Special Topics relating to shipping companies, such as ship taxation, ship sale, cost accounting organisation of a shipping company, agents, the Master’s account, leasing, etc.

All lectures will be recorded, allowing participants to watch them at any time they wish during the Course.

Scientific Director

Vasileios-Christos Naoum,

Assistant Professor, Department of Maritime Studies, University of Piraeus

Trainers

Vasileios-Christos Naoum, Assistant Professor, Department of Maritime Studies, University of Piraeus, specialising in "Financial Accounting in the Context of Shipping"
Andreas Andrikopoulos, Associate Professor, Department of Maritime Studies, University of Piraeus, specialising in "Accounting and Finance in Shipping and Transport"
Nikolaos Kagkarakis, Senior Relationship Manager in Ship Finance Division, Alpha Bank, and PhD holder, Department of Maritime Studies, University of Piraeus
Dimitrios Kalliafas, shipping company executive (HSQE-Crew Manager)
Evanthia Reppou, official of the Independent Authority for Public Revenue and PhD Candidate, Department of Maritime Studies, University of Piraeus
Charalampos Ampanavos, Senior Manager at PwC Greece
Panagiotis Dimotatsis, Senior Manager at PwC Greece
Maria Vagia, Manager at PwC Greece
Dimitrios Bithas, shipping company executive

Target Audience

The Course is suitable for university graduates or final-year students with a professional interest in Shipping Accounting and Shipping Finance who wish to study Special Topics in the Auditing and Taxation of Shipping Companies. It is also aimed at professionals working either as self-employed practitioners or as employees of shipping companies and organisations in the accounting and finance sector. For trainees who do not have a solid background in Accounting and Finance, the Course includes introductory classes on the relevant subjects.

Admission Requirements

Participants must have:

Basic computer skills
Internet access
A personal email account

Delivery Method

Training is delivered exclusively through distance learning, using a dedicated e-learning platform. It combines synchronous and asynchronous distance learning with notes, which makes it particularly easy for working people to participate. This type of training is a flexible form of continuing education, as there are no restrictions of time or place. It is based on the principles of open education and meets the needs of personalised learning.

Type of Certificate

Trainees who successfully complete the Course are awarded a Training Certificate by KEDIVIM of the University of Piraeus, together with a Supplementary Annex. If successful completion of the Course is not possible owing to discontinuation of studies or failure in the examinations, the trainee is awarded a Certificate of Attendance by KEDIVIM of the University.

See a sample of the certificate awarded here

Units

Full Course: Shipping Accounting (IFRS & US GAAP) & Finance, using Benefit Software

Introductory Concepts of Shipping Companies
Introductory Concepts of Financial Accounting
Essential Financial Knowledge for Applying IFRS
Fixed Assets - Ships
Current Assets – Ship Inventories
Revenue Accounting of Shipping Companies
Expense Accounting of Shipping Companies
Financing of Shipping Companies (Part A)
Financing of Shipping Companies (Part B)
Risk Management, Investment Appraisal and Valuation in Shipping
Preparation of the Financial Statements of Shipping Companies
Cash Flow Statement of Shipping Companies
Tools for Analysing the Financial Statements of Shipping Companies
Shipping Performance Ratios & Sustainability
Special Tax Issues of Shipping Companies
Auditing of Shipping Companies
Benefit Software - Practical Applications
Practical applications with MS Excel
Developments in Shipping

1Teaching/Thematic Unit 1: Shipping Accounting: Case studies based on IFRS / US GAAP, using Benefit Software (Duration 8 weeks/ 50 hours/ 12.54 ECTS)

1.1. Introductory Concepts of Shipping Companies 1.2. Introductory Concepts of Financial Accounting 1.3. Fixed Assets – Vessels 1.4. Current Assets – Vessel Inventories 1.5. Revenue Accounting for Shipping Companies 1.6. Expense Accounting for Shipping Companies 1.7. Preparation of Financial Statements of Shipping Companies 1.8. Cash Flow Statement of Shipping Companies 1.9. Tools for the Analysis of Financial Statements of Shipping Companies 1.10. Shipping Performance Ratios & Sustainability 1.11. Benefit Software – Practical Applications 1.12. Practical applications with MS Excel

2Teaching/Thematic Unit 2: Shipping Accounting & Special Topics in the Audit and Taxation of Shipping Companies: Case studies based on IFRS / US GAAP, using Benefit Software (Duration 10 weeks/ 62 hours/ 13.70 ECTS)

2.1. Introductory Concepts of Shipping Companies 2.2. Introductory Concepts of Financial Accounting 2.3. Fixed Assets – Vessels 2.4. Current Assets – Vessel Inventories 2.5. Revenue Accounting for Shipping Companies 2.6. Expense Accounting for Shipping Companies 2.7. Preparation of Financial Statements of Shipping Companies 2.8. Cash Flow Statement of Shipping Companies 2.9. Tools for the Analysis of Financial Statements of Shipping Companies 2.10. Shipping Performance Ratios & Sustainability 2.11. Special Topics in the Taxation of Shipping Companies 2.12. Auditing of Shipping Companies 2.13. Benefit Software – Practical Applications

3Teaching/Thematic Unit 3: Shipping Finance, Risk Management & Investment Appraisal in Shipping (Duration 5 weeks/ 30 hours/ 4.64 ECTS)

3.1. Introductory Concepts of Shipping Companies 3.2. Essential Financial Knowledge for Applying IFRS 3.3. Financing of Shipping Companies (part A) 3.4. Financing of Shipping Companies (part B) 3.5. Risk Management, Investment Appraisal and Valuation in Shipping 3.6. Practical applications with MS Excel

Learning Outcomes

Upon successful completion of the Course, participants are expected to:

1In terms of knowledge:

know the basic concepts of Financial Accounting and Finance know the fundamental concepts relating to shipping and maritime transport. know the legal forms of shipping companies and the taxation of vessels know special topics relating to shipping companies, such as the sale of a vessel, the cost accounting structure of a shipping company, agents, the master’s account and leasing

2In terms of skills:

be able to examine and analyse special topics in Shipping Accounting be able to examine and analyse special topics in shipping and maritime transport. be able to examine and analyse special topics relating to the taxation of shipping companies have specialised problem-solving skills relating to the management of operating expenses and the purchase and sale of vessels.

3In terms of competences:

be able to apply accounting mechanisms to the accounting transactions of a shipping company be able to analyse accounting transactions in the context of shipping and maritime transport. be able to manage and analyse the effects of taxation on the financial statements of shipping companies be able to manage and analyse accounting transactions involving the purchase and sale of vessels and leasing, and analyse their effects on the financial statements of shipping companies.

Assessment

The learning outcomes are assessed through a final synthesis paper, which is made available on specific dates and submitted to the Secretariat's email address for grading.

Discount Policy

The following discount categories apply:

GROUP A (-25%): University of Piraeus students and PwC employees
GROUP B (-15%): Unemployed persons and students (other than University of Piraeus students) or 4 participants from the same company in one period
GROUP C (-10%): 3 participants from the same company in one period
GROUP D (-5%): 2 participants from the same company in one period

Please note that:

Discounts are not cumulative.
Each trainee may benefit from only one discount category.
Participants entitled to a discount must submit the supporting documents that will be requested.

Course Fee after discount

	GROUP A	GROUP B	GROUP C	GROUP D	NO DISCOUNT
Full Course	1.200 €	1.360 €	1.440 €	1.520 €	1600 €
Fee for Thematic Unit 1	825 €	935 €	990 €	1.045 €	1100 €
Fee for Thematic Unit 2	975 €	1.105 €	1.170 €	1.235 €	1300 €
Fee for Thematic Unit 3	450 €	510 €	540 €	570€	600€

Payment of Fees

Fees are payable in a single payment or in equal monthly instalments, the number of which corresponds to the duration of the Teaching Unit in months, provided that the fees are paid in full 2 weeks before the end of the Teaching Unit. Failure to pay any instalment will result in the automatic exclusion of the candidate from the remainder of the Course, the examinations and the award of the certificate.

1.600,00 €

Duration:	5 Months / 150 Hours
ECTS:	16.15
Field of Study:	Shipping
Language:	Greek
Scientific Director:	Naoum Vasileios-Christos

Educational Material

Electronic Notes

ENROL