Accounting standards : the case of the shipping sector
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Keywords
Accounting standards ; Shipping sector ; IFRS ; Shipping companiesAbstract
This thesis addresses Accounting Standards in shipping companies, examining the application and specificities of accounting in shipping and how International Accounting Standards contribute to understanding and addressing the industry's particular challenges. The paper begins with an introduction to the fundamentals of shipping and the structure of shipping companies. It describes the accounting framework that governs the management of their financial activities, including specific ledgers and accounts related to masters and shipping accounting. In addition, the paper analyses the main provisions of International Accounting Standards such as inventory valuation, depreciation, recognition of income and expenses, loan obligations, as well as the special provisions for leases and marine insurance. The chapter on internal control focuses on the importance of maintaining control procedures within shipping companies, covering cash monitoring practices, supplier management and payroll. The paper concludes by emphasizing the importance of adapting accounting practices in the shipping business, considering the global context and the increasing market demands for transparency and sound management of financial resources.