Shipping Accounting under IFRS – Theory & Practical Applications in Danaos Financial Suite
Introduction
The training Course entitled “Shipping Accounting in Accordance with IFRS – Theory & Practical Applications in Danaos Financial Suite” deals with the accounting treatment of issues/events of ship-owning companies in ocean-going shipping (shipping accounting). Its aim is to introduce participants to the particularities of shipping accounting and to help them handle and record in the accounts the common issues that shipping companies encounter in practice.
Scientific Director
Ioannis Sorros, Professor, Department of Business Administration, University of Piraeus
Admission Requirements
Participants must have:
- previous work experience in a shipping company
- relevance of the degree to accounting
- Personal email
Target Audience
The Course aims to train and enhance the skills of executives who work, or intend to work, in the accounting departments of ocean-going shipping companies, providing high-level knowledge that meets the needs of this particular sector.
Delivery Method
Attendance is exclusively in person, in a classroom of the University of Piraeus. An attendance register is kept during lectures, and educational material covering all the thematic units of the training Course is provided.
Type of Certificate
Trainees who successfully complete all the individual units of the Course are awarded a Training Certificate by KEDIVIM of the University of Piraeus.
See a sample of the certificates awarded, as applicable, here
Units
1. Introduction to Shipping Accounting
-
- Overview of Financial Accounting
- Accounting Cycle
- International Accounting Standards – IFRS
- Financial Statements of a Shipowning Company
- Presentation of DANAOS Financial Suite and Practical Examples
-
- Ship Acquisition Cost
- Accounting for a Ship after Acquisition
- Special Survey & Dry Docking Expenses
- Practical Examples in DANAOS Financial Suite
-
- Accounting for Long-term Leases of Fixed Assets (Leasing)
- Practical Examples in DANAOS Financial Suite
-
- Hire
- Freight Income
- Capitalization of Ballast Costs
- Practical Examples in DANAOS Financial Suite
-
- Bunker Expenses
- Address and Brokerage Commissions)
- Port Expenses – Canal Tolls – Cargo Expenses – Other
- Cash Advances to Agents
- Practical Examples in DANAOS Financial Suite
-
- Crew costs, Insurances, Repairs – Maintenance
- Spares, Stores, Lubricants: Practical Examples in DANAOS Financial Suite
-
- Determining the value of closing inventory (FIFO – weighted average cost), determining the cost of inventory consumed, determining the current value of inventory, accounting for inventory at the lower of cost and value
- Practical Examples in DANAOS Financial Suite
-
- Updating the MGA, accounting for MGA balances
- Practical Examples in DANAOS Financial Suite
-
- Understanding loan agreements, recording the receipt of a loan, recording interest expenses, loan monitoring, monitoring of and compliance with loan covenants
- Practical Examples in DANAOS Financial Suite
-
- Accounting for financial products (futures contracts, shares, bonds, etc.)
- Practical Examples in DANAOS Financial Suite
11. Equity Participation in Companies
-
- Investments in Associates, Investments in Subsidiaries
- Practical Examples in DANAOS Financial Suite
-
- Consolidation requirements, preparation of Consolidated Financial Statements, elimination of capital and investments, elimination of intra-group receivables and payables, elimination of intra-group transactions
- Practical Examples in DANAOS Financial Suite
-
- How Intercompany Accounts work
- Practical Examples in DANAOS Financial Suite
14. Financial & Managerial Information Through DANAOS Financial Suite
-
- Preparation of Financial Statements, Preparation of Voyage Analysis, Opcost Analysis, Analysis per Vessel
Learning Outcomes
Upon successful completion of the course, participants are expected to have acquired:
Specialised theoretical knowledge of the international accounting standards relevant to shipping companies, as well as practical knowledge of using the ERP software DANAOS FINANCIAL SUITE.
Knowledge and practical skills enabling them to keep the accounting books of a Shipping company electronically in accordance with International Accounting Standards. Specifically, they will be able to record the transactions of a Shipping company in accordance with IFRS using the specific software.
To be able to head, manage and supervise the operation of the accounting department of a shipping company.
Assessment
Participants are assessed by means of a written examination. To complete the Course successfully, trainees must have attended all the teaching units and have paid the tuition fees in full. Absences may not exceed 35% of the scheduled training hours.
Discount Policy
Employees of clients of DANAOS MANAGEMENT CONSULTANTS S.A. may receive a 12.5% discount.
Course Fee after discount
| WITH A 12.5% DISCOUNT | NO DISCOUNT | |
| Course Fee | 700€ | 800€ |
Payment of Fees
Fees are payable in a single payment or in two equal monthly instalments. Failure to pay any instalment automatically excludes the candidate from being awarded a certificate.
| Duration: | 4 Months / 120 Hours |
|---|---|
| ECTS: | 7 |
| Field of Study: | Shipping |
| Language: | Greek |
| Scientific Director: | Ioannis Sorros |
Educational Material
| Printed Material |
|---|